Today, the price of Bitcoin Cash is declining against the USD and against Bitcoin. It is falling below the $450 level against the USD. There was a significant bearish trendline that had resistance at $460 at the beginning of the week and the trendline is still in place today. The trading pair will most likely keep moving lower until it gets as low as $400. Bitcoin Cash broke the significant support at $450 and may move to break the $410 and $400 supports short-term.
Bitcoin Cash (BCH) Price Faces Resistance
During yesterday’s trading session, there was a minor recovery upside above the $480 resistance. The Bitcoin Cash to USD trading pair was able to move as high as $490 before the sellers took control of the market. Because of the bearish pressure, the price fell from the $490 level to $450 breaking the support levels at $470 and $460 on the way down. The price fell below the 100 hourly SMA breaking the support at $450. Bitcoin Cash formed a new monthly low of $425. After forming this low, it started trading in range. The pair tested the 23.6% Fibonacci retracement level of the last fall from $476 to $425. It failed to move upward near $440 and $445 and continued declining against the USD.
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Bitcoin Cash (BCH) Price Today – BCH / USD
The price of Bitcoin Cash faced resistances around $460 and $450 and the major bearish trendline remained strong around $460. The 50% Fibonacci retracement level of the last slope from $476 to $425 was at $451. The technical charts show that Bitcoin Cash might still suffer more losses as long as it remains below the $425 low. After this level, the next support will be at $400.
At the time of writing, Bitcoin Cash was trading at $428.92. This indicates an 8.78% fall against the USD and a 8.00% fall against Bitcoin. The MACD on the price chart is bearish and the relative strength index is below 50. The trading volume over a 24 hour period is $348,079,313 while the total market capitalization is $7,439,087,687.