Bitcoin Cash (BCH) Trends In The Bearish Zones Below A Significant Support 

The price of Bitcoin Cash (BCH) declined breaking the $730 and $705 support levels. A major bearish trendline was formed with a $710 resistance. The Bitcoin Cash to USD pair will have to move above $710 and $730 for recovery to begin. The price of Bitcoin Cash is under a lot of pressure below the pivot level at $730. A recovery upside above this level may be capped.

Bitcoin Cash to USD Price Analysis For August 5

Bitcoin Cash (BCH) failed above $750 and started a downward correction breaking the support levels at $735 and $705. The cryptocurrency traded below $700 forming a low of $684. Currently, Bitcoin Cash is trading below the pivot level at $730 and below the 100 hourly SMA. This shows that the bears are in control of the market. The hardfork is correcting higher towards the $710 resistance with an initial resistance at the 23.6% Fibonacci retracement level of the last slope from $771 to $684.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$8,286.09-0.22%
bitcoin-cash
Bitcoin Cash
$223.04-1.24%

A major bearish trendline with resistance at $710 was formed on the price charts. There is a barrier near $730 and $735 that coincides with the 61.8% Fibonacci retracement level of the last slope from $771 to $684. This pushes the previous support zone near $735. The cryptocurrency must break above $730 and even $735 if it is to gather upward momentum.

Bitcoin Cash (BCH) Technical Analysis

The technical charts show that there is a lot of pressure below $710 and $730. If the cryptocurrency slides more, it will break the $684 support and risk declines towards $665. This is according to the price analysis of Aayush Jindal from Newsbtc. The relative strength index is below 40 and the MACD on the 4-hour chart is moving to the bullish territory. The significant resistance level is $730 and the significant support level is $684. The next few trading sessions will determine if the price of Bitcoin Cash will move into the bullish territory or remain bearish short-term.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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