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Bitcoin Cash Price Analysis: BCH Price Falls

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Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price declined as of late and broke the $575-580 support against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $582 on the hourly outline of the BCH/USD pair.
  • The pair may proceed to slide and it could even test the $550 support level in the close term.

Bitcoin cash price broadened decays underneath $600 against the US Dollar. BCH/USD is as of now under strain and it looks set to test the $550 support.

 

Bitcoin Cash Price Analysis

Recently, we saw an all-inclusive drawback rectification underneath the $600-605 support in bitcoin cash price against the US Dollar. The BCH/USD pair exchanged beneath the $575-580 support territory to move into a fleeting bearish zone. Additionally, there was a nearby underneath the $600 level and the 100 hourly basic moving normal. Amid the decrease, the price even outperformed the 61.8% Lie retracement level of the last wave from the $533 low to $638 swing high.

The price as of late tried the $560 support and it is as of now uniting misfortunes. An underlying resistance is close to the 23.6% Lie retracement level of the ongoing decay from the $638 high to $559 low. In addition, there is a noteworthy bearish pattern line set up with resistance at $582 on the hourly outline of the BCH/USD pair. Purchasers need to push the price over the pattern line and the $580 resistance to continue uptrend. Over the pattern line, the 100 hourly SMA is close $590 to go about as a resistance.

 

BCHUSD 5 day chart 9th November
BCHUSD 5 day chart

 

Taking a gander at the diagram, BCH price is at present under strain underneath the $600 level and the 100 hourly straightforward moving normal. For whatever length of time that there is no nearby above $600, there are odds of more slides towards the $550 support level.

 

Taking a gander at the technical markers:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well underneath the 40 level.

Significant Support Level – $550

Significant Resistance Level – $590

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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