Bitcoin Cash price analysis: BCH/USD price moving in lock-step, correcting higher in recovery attempts
|- Recovery attempts are capped at the 23.6 Fib retracement level.
- The immediate support level at $1,440 prevented further declines in price.
The bears are in control of Bitcoin Cash price resulting in a 4% drop in value. The currency dipped from a high of $1,219 after failing to break past the major resistance level at $1,220. It went to lows of $1,444 and has since been trading in lock-step amidst recovery attempts.
Since the downside momentum was initiated, the price has been trading in a descending channel. The selling pressure in the market is significant; however, it is unclear what is triggering the price movement. Bitcoin Cash is now trading below the 100-simple moving average on the intraday chart to show that the short-term momentum could remain bearish. During the downside trend, the price broke past key support areas at $1,200, and $1,550 levels. The support level at $1,440 prevented further declines.
Currently, BCH/USD price is testing the 23.6% Fib retracement level of the previous low at $1,440 and a swing high of $1,250. The crypto is experiencing a bearish force at this level which is also acting as a short-term resistance. The major resistance level is still at $1,220.
BCH/USD price intraday chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.