Analysis: Bitcoin Cash Price Might Slide Towards $560 Support

November 09, 2018 | AtoZ Markets

Bitcoin Cash price is trading at $596 level with the 24 hours volume of $74.28M, in accordance with data. At the time of press, the coin has a market cap of $10.28 Billion.

In the last 1 Week, the price of the coin has moved by 39.55% with a total volume of over $ 624.26 Million. The coin reached the highest price of $ 643.08 on 07 November 2018 15:00 GMT. The lowest price, $ 424.73, was on 02 November 2018 at 11:00 GMT.

Bitcoin Cash Price Technical Analysis

According to candlestick pattern, a shooting star bearish has emerged in 1H but with low reliability. This signals that during an uptrend, a gap up occurs. BCHUSD pair rallies to a new high then loses strength and closes near its low (bearish change of momentum). The pattern confirms that the pair has lost the bullish momentum and might correct lower in the upcoming days.

Yesterday, BCHUSD pair extended downside correction below the $600-605 support levels. The pair traded below the $575-580 support zone to move into a short term bearish zone. Moreover, there was a close below the $600 level and the 100 hourly SMA. During the decline, the price of Bitcoin Cash even surpassed the 61.8% Fibonacci retracement level of the last wave from the $533 low to $638 high.

In addition to this, the price of the coin recently tested the $560 support and it is currently consolidating losses. An initial resistance is near the 23.6% Fibonacci retracement level of the recent decline from the $638 high to $559 low. Besides, there is a major bearish trend line in place with resistance at $582 on the hourly chart of Bitcoin Cash against the USD.

Moreover, buyers need to push the price above the trend line and the $580 resistance to resume upward rally. Above the trend line, the 100 hourly SMA is near $590 to act as a resistance.

Bitcoin Cash price is currently under pressure below the $600 level and the 100 hourly SMA. As long as there is no close above $600, there are chances of more slides towards the $560 support level.

  • RSI(14) is valued above 50 which signals Buy action in daily time-frame.
  • William%R – Buy signal on the daily time-frame.
  • MACD(12,26) – Buy 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 $560 and resistance near $610 levels.

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