Bitcoin cash price declined heavily and broke the $350 support level against the US Dollar.
The price traded towards the $310 level and it is currently consolidating losses.
There is a major bearish trend line forming with resistance near $385 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair remains at a risk of more losses if there is a break below the $320 and $310 supports.
G7 Says that Bitcoin Failed but Libra Poses Threat to Financial Stability
Friday October 18, 2019
Coinspeaker G7 Says that Bitcoin Failed but Libra Poses Threat to Financial StabilityFrench Finance Minister Bruno Le Maire said on Friday that Paris, Rome, and Berlin will join together in the effort of blocking Facebook’s new digital currency Libra in Europe.This is not the first time Le Maire is showing his hate towards cryptocurrencies. Last […]
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Bitcoin cash price is trading in a bearish zone below $350 and $380 against the US Dollar. BCH could correct higher, but upsides are likely to be capped near $360 or $380.
Bitcoin Cash Price Analysis
Recently, there was a strong decline in bitcoin cash price after it broke the $385 and $380 supports against the US Dollar. The BCH/USD pair even broke the $350 support and settled well below the 55 simple moving average (4-hours). Moreover, the pair traded close to the $300 handle and a new monthly low was formed near $311 level. The price is currently correcting higher above the $325 level.
It broke the 23.6% Fib retracement level of the recent decline from the $428 high to $311 swing low. At the moment, the price is trading inside a short term channel with support near $335. On the upside, there is a decent resistance forming near $360. If there is an upside break above $360, the price may test $370. It coincides with the 50% Fib retracement level of the recent decline from the $428 high to $311 swing low.
The main resistance is near the $380 and $385 levels. Moreover, there is a major bearish trend line forming with resistance near $385 on the 4-hours chart of the BCH/USD pair. Therefore, if there is an upside correction, the price is likely to face a strong selling interest near the $370 or $380 level. A successful close above $385 and the 55 simple moving average (4-hours) is needed for more gains.
On the downside, an immediate support is near the $320 level. If there are more losses, the price could even break the $311 swing low in the near term. In the mentioned case, the price is likely to accelerate below the $300 handle.
Looking at the chart, bitcoin cash price is clearly in a strong bearish zone below the $470 and $480 resistance levels. In the short term, there might be an upside correction, but the bulls could struggle near $470.
4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently recovering towards the 40 level.
Key Support Levels – $320 and $300.
Key Resistance Levels – $370 and $385.
The post Bitcoin Cash Analysis: BCH Remains At Risk Of More Downsides appeared first on Live Bitcoin News.
NEW 2020 POLL: Joe Biden 1st, Beto O’Rourke 3rd
Friday December 14, 2018
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