November 12, 2018 | AtoZ Markets
The cryptocurrency market has once again made an U turn from the higher levels that were scaled last week, when the market cap had knocked the $220 Billion. The market cap of all the coins has dipped significantly and it currently stands at $213B.
The clear stand-out during Monday's trading session was Bitcoin Cash. The Bitcoin Cash hard fork, which many claimed could rival the popular coins, is planning its own hard fork which was scheduled for 15th November 2018.
Bitcoin Cash Price Technical Analysis
Looking to the 1W chart, there was a slow decline initiated from well above $600 in Bitcoin cash price against the USD. The BCHUSD pair broke the $580 and $550 supports to move into a bearish zone. The decline was such that there was a close below the $550 support and the 100 hourly SMA. The price of the coin recently traded below the $521 low and formed a new low at $510 mark.
The 100 SMA is still belwo the long term 200 SMA line which indicates that the path of least resistance is towards the downward direction. Thus, a bearish rally might be seen in the upcoming days.
According to Fibonacci retracement charts, the price of Bitcoin Cash traded above the 23.6% Fibonacci retracement level of the recent decline from the $561 high to $510 low. However, the price of the coin struggled to move above the $525 resistance zone. There is also a crucial bearish trend line formed with resistance at $535 on the hourly chart of the BCHUSD. Above the trend line, the 50% Fibonacci retracement level of the recent decline from the $561 high to $510 low is a major hurdle near the $536 level. Thus, a proper close above the $535 and $540 levels is required for a decent recovery.
Bitcoin Cash price is clearly at a risk of more losses towards the $500 support as long as it is below $540 and $550 handle.
- 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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