Bitcoin Cash price analysis: BCH/USD breaks classical upside trend, price finds support at $1,010
|- Bitcoin cash price trading in a descending channel, characterized by sharp declines.
- The price is currently testing the short-term support area at $1,010.
Bitcoin Cash price attempts to break past the resistance level at $1,070 have been rendered unsuccessful during the trading on Wednesday morning. The currency has been in a descending channel; however, it managed to find support at $1,030. The priced bounced off to trade highs of $1,062, but the upside gains were halted by a firm selling pressure which saw the price drop to find support at $1,010.
Currently, the digital currency is trading below the short-term 100-simple moving average on the intraday chart. The price is forming a key bearish trend around $1,020 area. The price movement of Bitcoin Cash has been experiencing sharp declines followed by a series of recovery attempts.
On the upside, the resistance immediate resistance level is at $1,030 which has acted as a support level during the previous decline. BCH/USD will have to break past this level, to realise additional gains which could take it towards the major resistance level at $1,070. On the downside, the price is currently testing the short-term support level at $1,010. If Bitcoin Cash breaks below this level, the price could trade closer to the major resistance level at $1,000.
BCH/USD hourly price chart
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