Yesterday, we said that Bitcoin Cash was holding a significant support at $540. Unfortunately, Bitcoin Cash failed to hold this support today. There was a bullish trendline formed with support at $544. The pair traded below $540 risking more declines short-term. If the decline continues, Bitcoin Cash will most likely fall below $520 and even $510.
Bitcoin Cash (BCH) Price Analysis For August 31
This morning, there was a downside correction on the price chart from the $576 swing high of BCH. The trading pair fell below the $550 support moving into a bearish territory. The sellers pushed the price below the significant $540 support breaking the 61.8% Fib retracement level of the last rise from $510 to $575. The Bitcoin Cash to USD pair settled below the 100 hourly SMA and the $545 level breaching the support at $544. The price went as low as $524 before it attempted an upside correction.
Bitcoin Cash (BCH) Price Today – BCH / USD
BCH moved above the 23.6% Fib retracement level of the last fall from $570 to $524. Currently, the Bitcoin Cash to USD trading pair is facing strong resistance near $540. A strong bearish trendline is also acting as resistance on the same chart.
The technical charts show that the relative strength index is below the 50 level and the MACD on the hourly chart is entering the bullish zone. The significant resistance is at $550 and the significant support is at $510. This is according to the price analysis of Aayush Jindal on Newsbtc.
Bitcoin Cash (BCH) Price Now
Currently, Bitcoin Cash is trading at $537.72 which shows a 0.20% rise against the USD and a 0.26% against Bitcoin. The trading volume within a 24 hour period is $323,793,527 and the total market capitalization is $9,314,624,705 USD. Currently, the circulating supply of Bitcoin Cash is 17,322,563 BCH while the maximum supply is 21,000,000 BCH. The next few trading sessions will determine if the price action is going to change for the better