Market Cap:
$253.8B
BTC Dominance:
66.37%
btc:
$9360.00
eth:
$200.05
xrp:
$0.30
Advertise
Technical analysis

Forecast: Will Bitcoin Cash Drop To $430 Levels?

Amandeep Sonewane | Oct. 26, 2018
Forecast: Will Bitcoin Cash Drop To $430 Levels?

October- 26, 2018 | AtoZ Markets

Bitcoin Cash price is trending bearish from the past few days following the crypto market trend. The price of the coin in the long-term trend has hit the support and starting to slowly bounce back while coins like Bitcoin, Ethereum and Ripple are still stuck in the downward trend. The fourth-largest cryptocurrency in the world, Bitcoin cash has been on the downtrend since May and has finally bottomed at $434 mark.

At the time of press, the price of Bitcoin Cash is trading at $446 according to Bitfinex data. The coin has a market cap of $7.67 Billion. Since the last week, the price has moved by $ 4.00 (0.9106%) with a total volume of over $ 75.44 Million. The highest price of the coin i.e. $ 459.02, which was on 21 October 2018.

Bitcoin Cash Technical Analysis

Bitcoin Cash is in the long-term downtrend, the support is seen at $420 levels and the resistance at $500 levels. The price of the coin bottomed on October 11 and have been in the sideways trend ever since.

Bitcoin Cash after trading at the highs at $445 mark, the price of the coin started a downside move against the USD. The pair traded towards the $430 support zone and formed a low near $434. The price moved above the 23.6% Fib retracement level of the last drop from the $445 high to $435 low. However, the upsides still remained capped by the $450 and $455 resistance levels.

Besides the 50% Fibonacci retracement level of the last drop from the $445 high to $435 low is also near $440 mark. Therefore, a break above the $450 resistance is needed for a recovery. The next main resistances on the upside are near the $455 and $460 levels. On the downside, the $441 and $438 levels are important supports. Below these supports, the price could drop towards the $430 level.

  • The Relative Strength Index placed at period 14 is valued at 41.17 which signals "Sell" in Daily time-frame.
  • The William%R signals the oversold action on daily charts.
  • MACD(12,26) – Sell signal in daily charts.
  • ATR(14) signals that Bitcoin Cash is less volatile.

Bitcoin Cash Daily Pivot Points

The price of Bitcoin Cash has a strong daily support near $440 and resistance near $450 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.