The price of Bitcoin Cash is currently under a lot of pressure as it continues to trade below $525. A significant bearish trendline was formed with resistance at $526 on today’s price chart. The Bitcoin Cash to USD pair will need to close above $530 and above the 100 hourly SMA if it is to gain traction. The price of Bitcoin Cash is still declining and it is at risk of moving below the crucial support at $508. Before the end of this week, Bitcoin Cash has to clear the $530 barrier if it is to accumulate more gains short-term.
Bitcoin Cash (BCH) Faces Resistance Against The USD
On the price chart last week, there was a slow yet steady decline against the USD. The price fell well below $550. Bitcoin Cash broke the support at $540 and the support at $530 settling below the support at $540 which is also below the 100 hourly SMA. The price eventually took a swing as low as $515 before an upside price correction started. The price of Bitcoin Cash moved above the 23.6% Fibonacci retracement of the last slope from $545 to $515.
Bitcoin Cash (BCH) Price Today – BCH / USD
Unfortunately, the move upside was Capped at $525 and $530. The 100 hourly SMA acted as resistance near $528 and this prevented gains. Finally, the price of Bitcoin Cash topped near the 38.2% Fibonacci retracement of the last decline from $545 to $515. At the time of writing, the price of Bitcoin Cash was still on a decline and it will most likely keep moving towards the $515 level. Anything below this level will risk the break of the $508 and $510 support zones. Breaking below these support levels will make way for more decline towards $500 short-term. Upside, there is a significant bearish trendline that has resistance at $526.
Bitcoin Cash Technical Analysis
From the technical charts, the price of BCH is will need to close above $530 and above the 100 hourly simple moving average if it is to gain upside momentum. The relative strength index is below 50 and the MACD on the hourly chart is in the bearish territory. The significant resistance is at $530 while the significant support is at $508.