The heat is still on in the cryptocurrency market as cryptocurrencies struggle to recover after the major bearish pressure that hunted the market yesterday. Bitcoin cash started moving upside but it met resistance at $445 to $450. A significant bearish trend line that has resistance at $445 was formed. If Bitcoin Cash is able to have any hope of resuming this upward trend, it must find a way to cross this resistance. Staying below this level will only lead to more losses.
Bitcoin Cash (BCH) Price Today – BCH / USD
The bearish pressure is strong below the resistance at $450 and if care is not taken, the pair might hit the $425 low and even fall below. The new bearish wave didn’t start from $450. It was initiated around $475 which happens to be the pivot level of the Bitcoin Cash to USD trading pair. The price continued to decline until it broke the support at $450 which now happens to serve as resistance. It also fell below the 100 hourly SMA and the $445 level. It only started recovering after it moved towards $425 testing the 23.6% Fib level of the last fall from $508 to $425.
Sellers will most likely appear around $460 after which the price will face resistance at $467 which happens to be the 50% Fib level of the last slope from $508 to $425. The relative strength index is near 50 and the MACD on the hourly chart is almost in the bullish zone. If Bitcoin Cash continues to trade within the $450 and $467 levels, it will be open to more losses that may take it all the way to the $400 level. The significant resistance is at $450, while the significant support is at $425. This is according to the price analysis of Aayush Jindal.
Bitcoin Cash Price Now
At the time of writing, Bitcoin Cash was trading at $443.48. This indicates a 0.02% rise against the USD but a 4.85% fall against Bitcoin. The trading volume over a 24 hour period is $371,100,386 while the total market capitalization is $7,702,801,483 according to the data on CoinMarketCapital.