Bitcoin Cash (BCH) Breaks Major Support at $600 – Will the Bulls Return or Will it Continue to Decline?

The value of Bitcoin Cash (BCH) declined drastically and broke its support at the $600 mark against the US dollar. Earlier today, the digital currency was trading far below the $600 mark. The coin is gradually consolidating higher, but it is now facing resistance close to the $600 to $610 level.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$6,483.93
0.29%
Bitcoin Cash (BCH)
$443.61
1.59%

At the time of writing, the fourth largest digital currency in the world by market cap – Bitcoin Cash (BCH), is trading at $596 after losing about three percent of its value in the last twenty-four hours. The current market cap of the digital currency is $10.29 billion and its trading volume over the past twenty-four hours is $434.11 million.

Bitcoin Cash (BCH) Price Analysis and Trend

There was nothing to stop the plunging of the digital currency below the support levels at $620 and $600. The digital currency even broke the support at $580 and tested a new weekly low at the $565 mark. Later, the value of the coin started correcting higher and traded over the $580 level.

Nevertheless, it seems like the present upward trend of the coin could encounter a few hurdles close to the $600 and $610 marks. An initial hurdle is close to the 23.6 percent Fibonacci retracement level of the previous swing from the high of $712 to the low of $565.

There is also a formation of a new contracting triangle with hurdle close to the $608 mark. The BCH/USD pair seems to be building a bearish pennant with hurdle close to the $610 level. If the digital currency breaks below its present area, it could resume its downward movement and test its key support at the $570 mark.

On the upside, if it breaks over the $600 mark, it could open doors for more gains towards the resistance at the $610 and $621 levels.


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