During the week, the price of BCH fell below the significant support at $500. The break below the crucial bullish trendline broke the $540 support and as long as BCH continues to trade below $500, the price decline will not stop. If the bulls don’t gather momentum soon, the price of BCH will fall toward the $440 level and possibly lower to the $420 level.
The Price Of BCH Falls Toward $440
From $640, there was a sharp swing downside against the USD. The Bitcoin Cash to USD trading pair fell so fast that it broke the support at $480, $500, 540, and $560. The price ended up settling above the $550 pivot level and below the 4-hour 100 SMA. A significant horizontal support that was near $490 was broken by the trading pair.
Bitcoin Cash (BCH) Price Today – BCH / USD
While the price declined, there were bearish signals on the chart to show that more losses are on the way below $500. The price even fell below the 1.236 Fibonacci retracement level of last $522 to $661 rise. This paved a way for more losses below $470 short-term. There are support lines close to the 1.618 Fibonacci retracement level of the last rise from $661 to $436 which is at $436. This is according to the price analysis of Aayush Jindal on Newsbtc.
Bitcoin Cash To USD Weekly Analysis
From the weekly charts, the price of BCH is most likely going to decline toward $440 soon. If buyers don’t take over the market soon, the price may go as low as the $400 and even the $420 support levels soon. At the time of writing, the cryptocurrency was trading at $471.37. This indicates a 6.62% fall against the USD and a 2.41% fall against Bitcoin. The MACD on the 4-hour chart is in the bearish territory and the relative strength index is oversold. The significant support is at $435 while the significant resistance is at $550. The nwct few trading sessions will determine if the price action of Bitcoin Cash will change.