Bitcoin Cash Price Analysis: BCH on a fall ahead of hardfork

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Janet F. Sanchez
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Bitcoin Cash Price Key Focuses

  • Bitcoin cash price neglected to recuperate above $550 and declined as of late against the US Dollar.
  • There is a vital bearish pattern line-shaped with resistance at $535 on the hourly outline of the BCH/USD pair (information feed from Kraken).
  • The pair is probably going to stay in a bearish zone and it could slide towards the $500 support.

Bitcoin cash price is feeling the squeeze underneath $550 against the US Dollar. BCH/USD could quicken misfortunes towards the $500 and $480 support levels.

Bitcoin Cash Price Analysis

There was a gradual decay started from well above $600 in bitcoin cash price against the US Dollar. The BCH/USD pair broke the $580 and $550 support levels to move into a bearish zone. The decay was with the end goal that there was a nearby beneath the $550 support and the 100 hourly straightforward moving normal. The price as of late exchanged beneath the $521 low and framed a new low at $510.

Afterward, there was a minor upside adjustment above $520. The price exchanged over the 23.6% Lie retracement level of the ongoing decay from the $561 high to $510 low. Be that as it may, the price attempted to move over the $525-530 resistance. There is additionally an urgent bearish pattern line-shaped with resistance at $535 on the hourly diagram of the BCH/USD pair. Over the pattern line, the half Lie retracement level of the ongoing decrease from the $561 high to $510 low is a noteworthy obstacle close to the $536 level. In this manner, a legitimate close over the $535 and $540 levels are required for a better than average recuperation.

 

BCHUSD 5 day chart 12 Nov
BCHUSD 5 day chart 12 Nov

 

Taking a gander at the graph, Bitcoin cash price is obviously at a danger of more slides towards the $500 support as long all things considered underneath $540 and $550.

Taking a gander at the technical pointers:

Hourly MACD – The MACD for BCH/USD is, for the most part, put in the bearish zone.

Relative Strength Index – The RSI for BCH/USD is right now well underneath the 50 level with a bearish edge.

Support Level – $500

Resistance Level – $540

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