Forecast: Bitcoin Cash Might Fail to Hold $510 Support


Bitcoin cash price struggled to break the $540 hurdle against the USD. Now, the coin is likely to retest the $510 support if sellers remain in action. Here is the Bitcoin Cash Forecast for the weekly time-frame. 

10 October 2018- Bitcoin Cash is trading at $512 mark with 24-hours of $14.97 Million. The price of the coin has failed to break the $530 resistance and declined against the USD. In the last 1 Week, the price has moved by $ -3.48 (-0.7%) with a total volume of over $ 115.68 Million. The coin reached its highest price on 08 October 2018 which was $ 534.08.

Moreover, CEO of Bitcoin.com, Roger Ver has announced the plan to launch new cryptocurrency Exchange. He made the statement in an interview with Bloomberg on Oct. 9 in Malta.

He stated that:

“If we build it ourselves, we can do it really, really cheap, and we get exactly what we want. But we don’t have the security of a battle-tested exchange that’s been around for a while.”

Bitcoin Cash Technical Analysis

Yesterday, the coin breaks the upside level above the $530 resistance against the USD. However, the BCHUSD pair failed to surpass the $530 resistance zone and started a fresh decline. During the downside, it broke the $525 crucial support zone. The coin has also cleared the 50% Fib retracement level of the last wave from the $500 low to $530 high.

Bitcoin Cash is currently trading below the $520 support and the 100 hourly SMA. According to the charts, an immediate support is near the $510 level. It represents the 61.8% Fib retracement level of the last wave from the $500 low to $530 high.

If the coin failed to hold the $510 support, the price is likely to decline towards the $505 and $500 support levels. On the other hand, if there is an upside move, the price may struggle near the $520 level. Above that point, the $530 resistance could be retested.

Also, the 100 SMA line is below the 200 SMA line in the daily timeframe, which suggests that the path of least resistance is to the downside. Thus, a bearish pull is more likely to be seen in upcoming days.

  • The Relative Strength Index(14) value is near 50 which signals "Neutral" in weekly time-frame
  • The William%R signals the "Sell" action on the short-term timeframe.
  • MACD(12,26) – "Sell" signal in weekly charts.
  • ATR(14) signals Bitcoin Cash is Highly volatile.

Bitcoin Cash Pivot Points

Bitcoin Cash has a weekly support near $490 and resistance near $540 levels.

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