Bitcoin Cash (BCH) Goes Back Into The Bearish Zone After Brief Recovery 

This price of Bitcoin Cash (BCH) is now trading in the bearish territory below $550. Bitcoin Cash traded below $550 breaking the support at $540 against the USD. The price broke a significant bullish trendline that had support at $555 and the sellers pushed the price below $500. The price declined below $540 and traded around $480 and $500.

Bitcoin Cash (BCH) Declines Against The USD

The new downside move started after Bitcoin Cash got as high as $580 and $600. It started a decline below the $560 and $550 support levels. The price decline also broke the 50% Fibonacci retracement level of the last rise from $470 to $610 settling below the $540 support area and below the 100 hourly SMA. The price continued to decline until it broke below the $555 support which was on a bullish trendline. The Bitcoin Cash to USD trading pair moved towards $500 and $510 before the buyers emerged to save the day.

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Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$5,640.88
-2.25%
Bitcoin Cash (BCH)
$416.60
-5.79%

The recent fall in price is disturbing because the price of Bitcoin Cash settled below the crucial $540 support. The initial support is at the 76.4% Fibonacci retracement level of the last rise from $470 to $610. If buyers are unable to defend the support zones at $505 and $510, the cryptocurrency may suffer more losses soon.

Bitcoin Cash (BCH) Technical Analysis

From the price chart, Bitcoin Cash is in the bearish territory below $540. The price action shows that the price may slide dipper into the bearish territory to the $510 and $500 support areas soon. The MACD on the hourly chart is in the bearish territory and the relative strength index is below 40. The significant resistance level is at $540 while the significant support level is at $510. This is according to the price analysis of Aayush Jindal. Traders are encouraged to hold on until the price action is more certain.

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