Bitcoin Cash (BCH) Falls But A Significant Support Prevents Further Losses

Yesterday, the price of Bitcoin Cash (BCH) extended its gains moving above $560 and $570 against the USD. Two bullish trend lines that had support at $555 & $535 were formed on the price chart. The Bitcoin Cash To USD pair is now correcting lower from the high at $575. If it continues to correct lower, it may test the support at $550. The price of Bitcoin Cash is in the positive zone right above the $550 level and it is most likely going to gain more.

Bitcoin Cash Price Analysis For August 29

There was an upward move above the resistance at $530 yesterday. Later, the pair gained into the $550 and $560 resistances. The move upside was so strong that the Bitcoin Cash to USD pair traded as high as $575. After of got to $575, the bullish pressure subsided and the price started to decline below $570. The price of Bitcoin Cash also went below the 23.6% Fibonacci retracement level of the last rise from $525 to $575.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price
bitcoin
Bitcoin
$10,366.004.62%
bitcoin-cash
Bitcoin Cash
$310.471.32%

The slope downside had many supports near $550 and one initial support near $555 which also served as a pivot level. Two bullish trend lines with support at $535 and $555 were formed on the hourly chart. Below the first bullish trendline, there was support at the 50% Fibonacci retracement level of the last rise from $525 to $575 which was at $550. The $550 and $555 support levels are going to hold against lower corrections. This is according to the price analysis of Aayush Jindal on Newsbtc.

Bitcoin Cash Technical Analysis

From the technical charts, the price of Bitcoin Cash is currently on a downward correction which is strongly supported at $550. Upside, buyers will face hurdles at $575 and $580. The relative strength index is moving toward the 50 level and the MACD on the hourly chart is moving to the bearish territory. The significant support is at $550 while the significant resistance is at $575.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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