Yesterday, the cryptocurrency market lost over $15 billion in market capitalization as Bitcoin and other cryptocurrencies started to bleed out. As expected, Bitcoin Cash, which was initially trading bullish, fell right back into the bearish territory. The Bitcoin Cash to USD trading pair fell below the support levels at $470 and $460. The bears didn’t just visit the market briefly: they dominated it breaching the contracting triangle with support at $486. If care isn’t taken, the price of Bitcoin Cash will fall as low as $440. As long as it remains below the $480 level, Bitcoin Cash will continue to suffer bearish pressure.
SEE ALSO: Billionaire Investor Michael Novogratz Predicts $10k for Bitcoin (BTC) In 2018
The price chart this morning shows that Bitcoin Cash is facing a bearish resistance around $470 not just $480. For the price to break this trend, it must move past this level and move to $500. This is the only way Bitcoin Cash can start recovering fully against the USD. This is according to the price analysis of Aayush Jindal on NewsBtc.
Bitcoin Cash (BCH) Price Today – BCH / USD
The price formed a short-term bearish reaction last night following the $500 swing. This was followed by a downward correction and fall toward $480. The MACD on the hourly chart is back in the bearish zone. You’ll recall that smartereum.com reported that it was in the bullish zone yesterday. The relative strength index is below level 50. The price of Bitcoin Cash crossed the $460 and $470 support levels during its epic fall.
Bitcoin Cash (BCH) Price Now
The Bitcoin Cash to USD trading pair fell below the 50% Fib level of the last rise from $410 to $510. It formed a major support at $440 and major resistance at $480. At the time of writing, Bitcoin Cash was trading at $448.83. This indicates a 6.03% fall against the USD and a 2.72% fall against Bitcoin. The trading volume over a 24 hour period is $390,626,781 while the market capitalization is $7,794,926,458.