#Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550

Neutral #Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550

Key Points

  • Bitcoin cash price declined recently and broke the $575-580 support against the US Dollar.
  • There is a major bearish trend line in place with resistance at $582 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to slide and it could even test the $550 support level in the near term.
Bitcoin cash price extended declines below $600 against the US Dollar. BCH/USD is currently under pressure and it looks set to test the $550 support.

Bitcoin Cash Price Analysis

Yesterday, we saw an extended downside correction below the $600-605 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $575-580 support area to move into a short term bearish zone. Moreover, there was a close below the $600 level and the 100 hourly simple moving average. During the decline, the price even surpassed the 61.8% Fib retracement level of the last wave from the $533 low to $638 swing high.

The price recently tested the $560 support and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $638 high to $559 low. Besides, there is a major bearish trend line in place with resistance at $582 on the hourly chart of the BCH/USD pair. Buyers need to push the price above the trend line and the $580 resistance to resume uptrend. Above the trend line, the 100 hourly SMA is near $590 to act as a resistance.

Looking at the chart, BCH price is currently under pressure below the $600 level and the 100 hourly simple moving average. As long as there is no close above $600, there are chances of more slides towards the $550 support level.

Looking at the technical indicators:

Hourly MACD - The MACD for BCH/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) - The RSI for BCH/USD is now well below the 40 level.

Major Support Level - $550

Major Resistance Level - $590

11/09/2018 / 04:28:57 Source: newsbtc

Analysis | Technical | BCH | Bitcoin Cash | | Trading|BTC|Market|Fiat
1 BTC=$3,389.95
1 XRP=$0.2996
1 ETH=$87.51
1 XUC=$2.11
1 EOS=$1.84
1 BCH=$95.83

News Feed 50

Ccn Neutral - Bitcoin Sextortion Scheme Seduces Victims into Installing Ransomware read more.
12/11/2018 / 23:25:36
Cointelegraph Neutral - British Crypto Exchange CEX.IO Now Requires Identity Info From Users read more.
12/11/2018 / 23:20:00
Cryptonewsreview Neutral - Cardano man warns that the SEC will come for EOS read more.
12/11/2018 / 23:18:09
Cointelegraph Neutral - Spanish Ruling Party to Introduce Regulation on Blockchain, Crypto read more.
12/11/2018 / 23:14:00
Newsbtc Neutral - ICO Funding Continues to Plummet Amidst Crypto Bear Market read more.
12/11/2018 / 23:00:32
Cryptoglobe Neutral - Exclusive: Invictus Capital CEO Explains How Machine Learning Can Help Cryptocurrency Investors read more.
12/11/2018 / 23:00:00
Bitcoin.Com Neutral - How Bitcoin Futures Products Affected Cryptocurrency Markets in 2018 read more.
12/11/2018 / 22:55:27
Bitcoinmagazine Neutral - #Bitcoin Price Analysis: Bear Pennant Breakout Puts $1,700 Price in Sight read more.
12/11/2018 / 22:52:12
Cointelegraph Neutral - ‘The Drug Is Gone’: Mike Novogratz Compares Current Bitcoin Markets to ‘Methadone Clinic’ read more.
12/11/2018 / 22:49:00
Ccn Neutral - Bullion Giant APMEX Partners with BitPay to Let Investors Buy Gold with Bitcoin read more.
12/11/2018 / 22:21:06
Cointelegraph Neutral - US CFTC Asks for Comments to Improve Understanding of Ethereum Blockchain, Altcoin read more.
12/11/2018 / 22:21:00
Cointelegraph Neutral - Vitalik Buterin: Proof-of-Stake, Sharding to Make Blockchains ‘1,000x’ More Efficient read more.
12/11/2018 / 22:08:00
Bitcoinist Neutral - UK MP Wants to To Introduce Bitcoin Tax Payments read more.
12/11/2018 / 22:00:21
Coinspeaker Neutral - UNICEF Will Invest $100M into Blockchain Startups to ‘Solve Global Challenges’ read more.
12/11/2018 / 21:56:55
Themerkle Neutral - More & More UK Students Purchase and Resell Drugs Bought on the Darknet read more.
12/11/2018 / 21:55:07
Ccn Neutral - Vermont Government Forms Working Group to Explore Blockchain Technology read more.
12/11/2018 / 21:45:56
Newsbtc Neutral - UNICEF Adds Six Blockchain Startups From Developing Nations to its Innovation Fund read more.
12/11/2018 / 21:30:53
Cryptopotato Neutral - CFTC Seeks Public Comments on Ethereum and Crypto-asset Mechanics read more.
12/11/2018 / 21:12:04
Coindesk Neutral - Gemini Launches New Mobile App for Crypto Traders read more.
12/11/2018 / 21:05:56
Ccn Neutral - State Farm is Testing Blockchain to Expedite Auto Insurance Claims read more.
12/11/2018 / 21:05:54
Cryptoinsider Neutral - Daily Crypto Roundup 12/11/2018 read more.
12/11/2018 / 21:00:46
Cointelegraph Neutral - Bitcoin Dips Below $3,400 as Market Volatility Continues read more.
12/11/2018 / 21:00:00
Cryptoglobe Neutral - Dash Adoption on the Rise: Dash-enabled Smartphone Booming in Venezuela read more.
12/11/2018 / 21:00:00
Bitcoin.Com Neutral - British Lawmaker Proposes Tax and Utility Bill Payments in Bitcoin read more.
12/11/2018 / 20:55:01
Bitcoinmagazine Neutral - Coinbase Might Be Behind Those 856,000 BTC Worth of Transactions read more.
12/11/2018 / 20:53:03
Bitcoinmagazine Neutral - Crypto Holiday Guide: Gifts for Every Bitcoiner on Your Shopping List read more.
12/11/2018 / 20:22:56
Themerkle Neutral - Dogecoin Price Seems Poised to Turn Bullish read more.
12/11/2018 / 20:22:24
Ccn Neutral - ‘Revolutions Don’t Happen Overnight’: Why Mike Novogratz isn’t Giving up on Bitcoin read more.
12/11/2018 / 20:04:04
Newsbtc Neutral - Bitcoin Moves Lower as Short Positions Continue to Stack Up read more.
12/11/2018 / 20:00:43
Ethnews.Com Neutral - Where’s The Beef? Australian Insurer Joins BeefLedger’s Blockchain-Based Supply Chain Trial read more.
12/11/2018 / 19:45:33
Ccn Neutral - Crypto Firm Fragments Launches Stablecoin Following ‘Ampleforth’ Rebrand read more.
12/11/2018 / 19:44:17
Coindesk Neutral - The CFTC Wants to Learn More About Ethereum read more.
12/11/2018 / 19:35:30
Bitcoinist Neutral - Les Minimum Wage read more.
12/11/2018 / 19:30:13
Coinspeaker Neutral - Facebook Seeks for Talents to Join Its Blockchain Team read more.
12/11/2018 / 19:18:16
Financemagnates Neutral - UK Cryptocurrency Exchange CEX.IO Says No to Anonymity read more.
12/11/2018 / 19:13:15
Trustnodes Neutral - Vitalik Buterin: Blockchains of the Future Will be Thousands of Times More Efficient read more.
12/11/2018 / 19:07:37
Financemagnates Neutral - Breaking: Kraken Preparing a Private Listing at $4B Valuation read more.
12/11/2018 / 19:01:30
Ccn Neutral - Still the King: Bitcoin Dominance Hits 3-Month High as Crypto Market Limps Toward 2019 read more.
12/11/2018 / 18:55:52
Bitcoin.Com Neutral - New Platforms Track Major Stablecoin Markets read more.
12/11/2018 / 18:55:12
Ethnews.Com Neutral - Financial Action Task Force Says UK Must Improve AML/CTF Strategies For Crypto read more.
12/11/2018 / 18:47:37
Coindesk Neutral - C-Suite Departure: Coinbase’s Chief Product Officer Has Left the Startup read more.
12/11/2018 / 18:45:11
Financemagnates Neutral - Convicted Fraudster Dons Disguise, Opens Blockchain Firm read more.
12/11/2018 / 18:31:25
Themerkle Neutral - Bitcoin Price Watch: We’re Not Quite Done Bottoming Out read more.
12/11/2018 / 18:23:49
Themerkle Neutral - 3 Short-term XRP Price Predictions – 2018 Week 50 Edition read more.
12/11/2018 / 18:23:16
Bitcoinmagazine Neutral - The Next Quantum Leap in Financial Trading - [BTC Media Sponsor] read more.
12/11/2018 / 18:00:47
Bitcoinist Neutral - Only Bitcoin Gets to Be ‘Legal Pyramid Scheme’ Like Gold, Says Mike Novogratz read more.
12/11/2018 / 18:00:24
Cryptopotato Neutral - Crypto Market Update Dec.11: Capitulation On The Go Following Another Red Week read more.
12/11/2018 / 17:47:11
Cointelegraph Neutral - ‘We’re at Home in Crypto Winter’: Winklevoss Twins Launch Crypto Trading App read more.
12/11/2018 / 17:40:00
Ccn Neutral - ICO Death March? November Inflows Fall to $65M From Yearly High of $2.6 Billion read more.
12/11/2018 / 17:39:39
Themerkle Neutral - What Is Bitcoin SV? read more.
12/11/2018 / 17:35:00

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.