The price of Bitcoin Cash (BCH) has broken down with 4-handle cards visible. The short-term chart shows that there are chances of a fall below $500. Bitcoin Cash broke down a significant descending support line on the chart short-term. If the price keeps falling, it may end up below the $500 level. On the 24-hour chart, the price of Bitcoin Cash is low by over 3% trading around $518.87 which is just a few points above the day’s low. On the hourly chart, the break in the descending channel might make it stay up for a while.
Bitcoin Cash (BCH) Price Today – BCH / USD
Since there has been a breakdown on the 24-hour chart, there is a high chance that Bitcoin Cash (BCH) will cross the support at $500 and even the one at $490. These support levels have acted as significant long-term supports for a long time. Breaking this supports will be a disaster for Bitcoin Cash and the bears will fully overtake the bulls in the market.
The Price Of Bitcoin Cash (BCH) On The Weekly Chart
The price chart shows that within a 7-day period, Bitcoin Cash failed to gather momentum above the significant resistance at $540. It declined against the USD. A significant bearish trendline that was formed had resistance at $535. The Bitcoin Cash to USD trading pair needs to stay above the crucial support levels at $500 and $510 if it is to avoid another downside break short-term. There are many bearish signs below $540. The pair may either break below $500 or above $540.
Above the $500 level, strong buying interest emerged for a while and the price moved above the resistance at $520. The price of Bitcoin Cash broke above the 23.6% Fibonacci retracement level of the last slope from $573 to $509. However, Bitcoin Cash faced strong resistance around $540 and $545.
There was also strong resistance near the 100 hourly SMA. Based on the weekly analysis, one of two things are bound to happen this coming week. Bitcoin Cash may break the resistances at $540 and $545. If it does, it will accumulate more gains above $570 and $580. However, if the price of Bitcoin Cash fails to hold above the support at $510, it will move to the next support at $500. Below $500, Bitcoin Cash may break the $490 support.