The value of Bitcoin Cash (BCH) started correcting lower after it declined below the $540 mark against the U.S dollar. The value of the digital currency is under pressure beneath the $600 mark against the US dollar. Nevertheless, the coin recently started an upward movement and it needs buyers to push it over the 100-hourly simple moving average and the $590 mark in order to recover further.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is presently trading at $585 after a decrease of about 2 percent over the past twenty-four hours. The digital currency is still at the number 4th position on list top digital currencies in the market with a market cap of $9.93 billion and a trading volume of $317.89 million over the past twenty-four hours.
Bitcoin Cash (BCH) Price Watch
Over the past week, there was a heavy decline in the value of the digital currency below the $650 mark. The digital currency plunged beneath the supports at the $600 and $550 mark and even traded as low as $540.
Later, the digital currency found support and began a minor upward trend over the $550. The value of the coin also broke the 23.6 percent Fibonacci retracement level of the previous swing from the high of $619 to the low of 540. Nevertheless, the digital currency is currently facing hurdles at the $590 to $600 levels.
There is also a formation of a major bearish trendline with resistance at the $590 mark on the one-hour chart of the coin. This trendline also coincides with the 50 percent Fibonacci retracement level of the previous swing from the high of $619 to the low of $540.
Also, the 100-hourly SMA is positioned close to the $590 mark. Hence, it will not be easy for buyers to push the value of the coin over the 100-hourly SMA and the $590 mark. If it surges over this level, the coin is likely to face another resistance at the $615 mark.