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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.

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