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Technical analysis

Bitcoin Cash Analysis: Price Might Crash Further Around $400 Levels

Amandeep Sonewane | Nov. 15, 2018
Bitcoin Cash Analysis: Price Might Crash Further Around $400 Levels

November 15, 2018 | AtoZ Markets

Bitcoin Cash price is trading in a bearish note as all the other major cryptocurrencies in the market. At the time of press, Bitcoin Cash is trading below $445 mark with a 24 hours volume of $132 Million. The coin has a market cap of $7.6 Billion, in accordance to coinmarketcap.com data.

In the last 1 Week, the price of Bitcoin Cash has tumbled by $ -155.84 (-26.14%) with a total volume of over $ 693.17 Million. The highest price of the coin, $ 604.53, was on 08 November 2018 at 15:00 GMT. The lowest price, $ 412.48, was on 14 November 2018 at 18:00 GMT.

Bitcoin Cash Technical Analysis

Looking at the weekly charts, Bitcoin Cash dropped towards $412.48 mark. The coin showed a highly bearish momentum like the other major cryptocurrencies. The BCHUSD pair broke the $500 and $480 support levels. Then, the pair traded close to the $400 support after a $100 drop in a single day. A new low for the Bitcoin Cash was formed at $412 mark and the price is currently consolidating losses.

The 100 SMA line is still below the 200 line, with wide gap between them, which indicates that the path of least resistance is towards the downward direction. Thus, a bearish rally might be experienced in the upcoming days.

An initial resistance is placed on the upside at $435 levels. This represents the 23.6% Fibonacci retracement level of the recent decline from the $538 high to $412 lows. At the moment, it seems like a decent recovery is very unlikely above $435 and $440. Above $440, there is a major bearish trend line in place with resistance at $470 on the hourly chart of the BCHUSD pair. Interestingly, the line also coincides with the 50% Fibonacci retracement level of the recent decline. On the other hand, if the price of Bitcoin Cash continues to move down, it might break the $400 strong support.

In conclusion, BCHUSD pair remains in a major downtrend below the $470 and $500 resistances. BCHUSD pair could face further sell-off and it might approach $400 levels in the upcoming days. If the bears push the price below $400 support than there might be another sharp decline towards $360 (another support).

Bitcoin Cash Pivot Points

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

Think we missed something? Let us know in the comments section below.

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.