Bitcoin Cash (BCH) Takes Dips Against The USD But A Significant Support Prevents Declines 

This morning, Bitcoin Cash price took a dip against the USD finding support around $410. The price initially attempted an upward correction. Unfortunately, the upward correction was curbed around $440 by a major resistance level. This led to a sharp decline all the way near the support at $410. The Bitcoin Cash to USD trading pair will have to move above the hurdle at $450 if it is to progress against the USD. There are currently two resistances. One is at $445 and the other is at $450.

Bitcoin Cash Price Faces Significant Resistance

The price of Bitcoin Cash has been trading in range for some days now ever since it moved near the $400 level. The pair even tasted the support levels at $400 and $450 a few times maintaining its well bid position. After the price fell as low as $408, the bulls gathered momentum and pushed the price above the $425 and $430. Before the price could cross the $445 hurdle, sellers appeared forming resistances at $445 and $450.

Bitcoin Cash (BCH) Price Today – BCH / USD

Bitcoin Cash

Resistance was formed with a major bearish trend line around $440 on the price chart. The Bitcoin Cash to USD pair subsequently corrected lower moving below the 23.6% Fib level of the last rise from $408 to $442. The price kept moving down toward $425 which happens to represent the 50% Fib level of the last rise from $408 to $442. If the price testes this level, it will most likely move toward the $410 support soon. A break upside above $445 and $450 is required to ensure more gains.

Bitcoin Cash Price Analysis Now

At the time of writing, Bitcoin Cash was trading at 425.97 USD. This indicates a 2.25% fall against the USD and a 3.14% fall against Bitcoin. The trading volume over a 24 hour period is $328,795,535 while the total market capitalization is $7,394,091,599. The technical indicators show that the relative strength index is near 50 and the MACD on the hourly chart is in the bullish territory. The significant support is at $410 and the significant resistance is at $450.

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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