BCH bears return. Bitcoin Cash Price Analysis 3 Oct

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Bitcoin Cash Price Key Focuses

  • Bitcoin cash price neglected to break the $550 resistance and declined as of late against the US Dollar.
  • There was a break underneath a key bullish pattern line with support at $525 on the hourly outline of the BCH/USD pair (information feed from Kraken).
  • The pair is experiencing strain and it might keep on moving down towards the $500 support.

Bitcoin cash price bombed close key resistances against the US Dollar. BCH/USD is traveling south and there could be more misfortunes towards the $500 level.

 

Bitcoin Cash Price Analysis

Recently, we talked about a conceivable upside move if bitcoin cash price clears the $550 resistance against the US Dollar. The BCH/USD pair neglected to pick up footing over the $550 level. There was additionally a dismissal noted close to the half Lie retracement level of the last decrease from the $591 high to $508 low. Bitcoin cash price began a new drawback move and exchanged beneath the $530 support.

Amid the decay, there was a break beneath a key bullish pattern line with support at $525 on the hourly graph of the BCH/USD pair. The pair additionally cleared the last swing low at $520. It tried the 1.236 Lie expansion level of the last wave from the $520 low to $549 high. On the off chance that dealers stay in charge, there could be more misfortunes in the close term towards the $510 and $500 support levels. A middle of the road support is at $502 and the 1.618 Lie augmentation level of the last wave from the $520 low to $549 high. On the upside, the $525-530 zone may now go about as a resistance.

 

BCHUSD Price Chart 3 October
BCHUSD Price Chart 3 October

 

Taking a gander at the graph, Bitcoin cash price is presently exchanging great underneath the 100 hourly SMA and $530. For whatever length of time that there is no nearby over the 100 hourly SMA, there is a danger of more misfortunes towards $500.

 

Taking a gander at the technical pointers:

Hourly MACD – The MACD for BCH/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving towards the 25 level.

Real Support Level – $500

Real Resistance Level – $530

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