Bitcoin Cash Cost Analysis: BCH/USD Vulnerable To Break Below $500

Bitcoin cash cost is battling to recuperate above $530 and $540 from the US Dollar.Yesterday’s highlighted key bearish trend lines are intact with resistance at $515 around the hourly chart from the BCH/USD pair (data feed from Kraken).The happy couple is presently in a chance of more losses underneath the $500 and $490 support levels.

Bitcoin cash cost is presently well below $530 from the US Dollar. BCH/USD might accelerate declines once there’s a detailed underneath the $500 level. Yesterday, we discussed that bitcoin cash cost is clearly in a chance of more slides for the $500 support from the US Dollar. The BCH/USD pair continued to be inside a bearish zone also it battled to maneuver beyond the $530 resistance. The cost even traded underneath the $500 level and created a minimal at $495. Later, there is a small upside correction above $500 and $505. Buyers pressed the cost over the 23.6% Fib retracement degree of the final slide in the $560 swing high to $495 low.

However, the cost battled to interrupt the $525-530 resistance zone. Besides, the 50% Fib retracement degree of the final slide in the $560 swing high to $495 low also avoided gains. More to the point, yesterday’s highlighted key bearish trend lines are intact with resistance at $515 around the hourly chart from the BCH/USD pair. There is an incorrect break noted over the trend line because the cost unsuccessful to stay above $530. Sellers pressed the cost back below $510 which is presently well underneath the 100 hourly simple moving average.

Searching in the chart, BCH cost under more pressure than normal below $510 and $520. If there’s no upward move, it might accelerate losses below $500. Searching in the technical indicators:

Hourly MACD – The MACD for BCH/USD is presently within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned well underneath the 50 level.

Major Support Level – $500

Major Level Of Resistance – $520

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