The price of Bitcoin Cash reversed sharply against the USD trading below the $540 level. The cryptocurrency failed to hold the gains it accumulated above $540 and declined lower breaking the significant bullish support at $530. The pair continued to decline until it tested the $510 and even $500 support level. This was were the buyers emerged to save the day. A top was formed around $575 and the price of Bitcoin Cash moved lower against the dollar. Currently, the cryptocurrency is holding the support at $500 but there is still the possibility of more losses.
Bitcoin Cash Falls Against The USD
Yesterday, smartereum.com reported that Bitcoin Cash had an upward move above $550. Unfortunately, the Bitcoin Cash to USD trading pair failed to hold the gains above $550. Even if it formed a top at $574, the price started correcting downward back to the $550 level. The price closed below the 100 hourly SMA and the $550 support level.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash also broke a significant bullish trendline that had support at $530 according to the reports on the hourly chart. The trading pair moved below $520 forming a low around $509 and $500. At the time of writing, Bitcoin Cash was consolidating its losses. It had tested the 23.6% Fibonacci retracement level of the last slope from $574 to $509. If Bitcoin Cash can overcome the $525 resistance, it will most likely trade towards $540.
Bitcoin Cash Technical Analysis For August 23
The technical charts show that the 100 hourly SMA is near $545. This is preventing the cryptocurrency from accumulating more gains. The price has gone back to where it started at the beginning of the week which is $500. According to the price analysis of Aayush Jindal on Newsbtc, if Bitcoin Cash breaks this $500 support, it will most likely decline toward $480.
The relative strength index is moving below the 50 level and the MACD on the hourly chart is in the bearish territory. The significant resistance is at $540 while the significant support is at $500.