ADVERTISEMENT

Bitcoin Cash Price Weekly Analysis: BCH/USD declined sharply.

ADVERTISEMENT

Must Read

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

North Korea’s latest weapon: Cryptocurrency

After China, now North Korea is planning to work on building its cryptocurrency to avoid strict international sanctions and...

Arab Switzerland Bank accepting cryptocurrencies: Swiss crypto interest increasing?

As more and more banks are collaborating with fintech firms to enter the growing list of well-known players entering...

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price is under heavy pressure as it broke the $500 support level against the US Dollar.
  • There was a break underneath a noteworthy bullish pattern line with help at $540 on the 4-hours diagram of the BCH/USD pair (information feed from Kraken).
  • The pair is presently trading beneath the $500 support and it could exchange towards the $440 level.

Bitcoin cash price declined vigorously as of late against the US Dollar. BCH/USD may keep on moving down towards the $440 and $420 levels in the close term.

Bitcoin Cash Price Decrease

There was a sharp drawback move from the $640 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair tumbled and broke numerous backings like $560, $540, $500 and $480. The decrease was to such an extent that the price even settled underneath the $550 turn level and the 100 straightforward moving normal (4-hours). In addition, the price broke a key flat help close to the $490 level.

Amid the decrease, there was a break underneath a noteworthy bullish pattern line with help at $540 on the 4-hours graph of the BCH/USD pair. All these are bearish signs and proposes more misfortunes beneath the $500 level. The price as of late took out the 1.236 Lie expansion level of the last wave from the $522 low to $661 high. Thusly, it could expand misfortunes beneath the $470 level in the close term. The following help lies close to the 1.618 Lie augmentation level of the last wave from the $522 low to $661 high at $436.

BCHUSD Weekly Price Chart
BCHUSD Weekly Price Chart

Taking a gander at the diagram, BCH price is probably going to quicken decays towards the $440 level. What’s more, if venders stay in real life, there could be a trial of the $400-420 help territory too in the coming sessions.

Taking a gander at the technical markers:

4-hours MACD – The MACD for BCH/USD is put intensely in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BCH/USD is close to the oversold levels.

Significant Help Level – $435

Significant Resistance Level – $550

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.

4 comments

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

More Articles Like This