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Technical analysis

BCHUSD Analysis: Bitcoin Cash Might Test $210 Levels in Near Term

Amandeep Sonewane | Nov. 20, 2018
BCHUSD Analysis: Bitcoin Cash Might Test $210 Levels in Near Term

November 20, 2018 AtoZ Markets  - Bitcoin Cash keeps losing its position as the world's fourth-largest crypto as its civil war over the direction of the Bitcoin rival rolls on, allowing Stellar to take the lead.

At the time of press, the coin is trading at $245 level in the 24-hours volume of $102,606,820. Bitcoin Cash has a market cap of $3.8 Billion, according to coinmarketcap.com data.

During a Week, the price of Bitcoin Cash has dropped by -52.13% with a total volume of over $ 362.57 Million. The highest price of the coin, $ 549.45, was on 13 November 2018 at 13:00 GMT, while the lowest price, $ 222.27, was noted on 20 November 2018 at 10:00 GMT.

Bitcoin Cash Technical Analysis

Looking at the weekly charts, there was an increase in selling pressure below $300 in Bitcoin cash price against the USD. The BCHUSD pair declined heavily and broke the $280 and $260 supports. The coin is now trading below the $250 level and the 100 hourly SMA. The recent decline was that the price even broke the $250 support area, and formed a low at $222.

The 100 SMA line is below the long term 200 SMA, which indicates that the path of the least resistance is going downside. This signals that the bearish trend might continue as the gap widened between the two SMA lines.

At the moment, the BCHUSD pair is consolidating losses near $235 with bearish moves. An initial resistance is the 23.6% Fibonacci retracement level of the recent decline from the $379 high to $222 lows. Above $260, the price could test the $300 level, which is a major resistance. More importantly, the key bearish trend line is intact with resistance at $300 on the hourly chart of the BCHUSD pair. The trend line coincides with the 50% Fibonacci retracement level of the recent decline.

To sum up, the price of Bitcoin Cash is clearly in a major downtrend below the $240- $250 levels. The next main support for buyers is near $220, followed by $200. It is likely possible that the pair might test $210 levels in the near term.

Bitcoin Cash Pivot Points

Bitcoin Cash has a significant support near $400 and resistance near $520 levels.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.