Forecast: Bitcoin Cash Price Might Fail to Hold $418 Support

Bitcoin cash price remains in a bearish zone below $430 against the USD. The pair might surge higher, but it is likely to find resistance near $425-430 zone. Over here is the short-term technical analysis of Bitcoin Cash. 

October- 31, 2018 | AtoZ Markets

Bitcoin Cash price on Tuesday has noted extremely minor losses after taking somewhat of a beating on Monday. As per the 26th October BCHUSD technical analysis, the pair dropped to $430 zone from $446 mark and failed to hold major supports.

At the time of writing, Bitcoin Cash is trading below $420 handle with a market of $7.27 Billion according to the data. In the last 1 Week, the price has dropped by -6.79% with a total volume of over $ 61.33 Million. The highest price of the coin, $ 450.50, was on 24 October 2018. 

Bitcoin Cash Technical Analysis

Technicals for the daily and weekly charts are displaying bearish signals for the BCHUSD pair. The 100 SMA line is below the short-term 200 SMA which signals that the path of least resistance is towards the downward direction. Thus, sell-off might be seen in the upcoming days.

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Yesterday, we saw a major bearish move below the $430 support in bitcoin cash price against the USD. The BCHUSD pair traded as low as $408 and settled below the 100 hourly SMA. Over time, the price started a short-term recovery and moved above the $415 level. It also managed to clear the 23.6% Fibonacci retracement zone of the recent drop from the $438 highs to $408 lows.

The upside move was positive as there was a spike above the $420 level. However, the price failed to surpass the $422-423 zone. There was also no test of the 50% Fibonacci retracement level of the recent drop from the $438 highs to $408 lows. 

RSI(14) is getting weaker and valued below 50. On the other hand, MACD(12,26) and CCI(14) are also displaying the selling signals. On the downside, if the pair fails to hold $415-$420 levels than a huge downside towards $400 handle might be seen. All things considered, the pair is displaying bearish signals and selling pressure might be experienced in the upcoming days. 

Bitcoin Cash Pivot Points

The price of Bitcoin Cash has a strong weekly support near $430 and resistance near $460 levels.

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

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