November 14, 2018 | AtoZ Markets
The fourth largest cryptocurrency Bitcoin Cash in terms of the market capitalization is trading in a bearish note today. The price of the coin sharply dropped below $500 level after trading above $550 levels yesterday.
In the last 1 Week, the price of Bitcoin Cash has moved by $ -150.07 (-23.71%) with a total volume of over $ 644.40 Million. The highest price, $ 643.08, was on 07 November 2018 at 15:00 GMT. The lowest price, $ 480.29, was on 14 November 2018 at 11:00 GMT.
Bitcoin Cash Price Technical Analysis
Yesterday, the price of Bitcoin Cash breaks below the $500 support zone against the USD. However, the BCHUSD pair found support near the last swing low at $496 and later recovered. The pair traded above the $505 and $510 resistance levels to start a recovery. The price of Bitcoin Cash surged above the 50% Fibonacci retracement level of the recent decline from the $562 high to $475 low.
Looking at the daily SMAs, the 100 SMA line is below the 200 SMA which clearly indicates that the path of least resistance is towards the downside. Also, the gap between the 100 SMA and 200 SMA was widened. Thus, a huge bearish pressure might be seen in the upcoming days.
Moreover, the coin experienced a break below a key bearish trend line with support at $480 on the hourly chart of the BCHUSD pair. However, the price struggled to break the $490 zone and the 100 hourly SMA. Besides, the price was rejected near the 61.8% Fib retracement level of the recent decline. As a result, the price retreated and traded below the $480 level.
Looking at the chart, Bitcoin Cash price might continue to drop below the $480 support area. If buyers continue to fail near the $470- $480 level, the price may perhaps break this crucial support and might drop towards $460- $450 levels.
- RSI(14) is valued below 50 which signals Sell action in daily time-frame.
- William%R – Sell signal on the daily time-frame.
- MACD(12,26) – Sell signal in daily charts.
- ATR(14) – signals that BCH is highly volatile.
Bitcoin Cash Pivot Point
Bitcoin Cash price is sustaining a strong daily support near $480 and resistance near $640 levels.
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