Bitcoin Cash Price Analysis: BCH/USD resumes downtrend, downside eyes $280
|- Bitcoin Cash falls in tandem with Bitcoin, Ethereum and Ripple as crypto selloff begins.
- BCH/USD eyes support at $280 after losing over 2% of its value on the day.
Bitcoin Cash has succumbed to more losses on Tuesday in tandem with other major cryptocurrencies including Bitcoin, Ethereum and Ripple. On Friday, BCH advanced above $300 but traded a high of $305 before declines took on the weekend. Support at $275 came in handy halting the crypto from suffering dire losses.
Recovery on Monday was slow but steady. BCH/USD stepped above the 50 SMA resistance as well as the $290 level. Unfortunately, resistance at the descending trendline stood in the way leaving the resistance at the 100 SMA and $300 untested.
At the time of writing, Bitcoin Cash has lost over 2% its value to exchange hands at $$283.The prevailing trend is bearish as highlighted by the RSI and the MACD. Losses are likely are likely to continue if the technical picture remains unchanged. Support is envisioned $280 but if declines extended, weekend support at $275 will come in handy.
BCH/USD1-hour chart
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