Bitcoin Cash price analysis: Bids $500 goodbye, hello $400
|- Bitcoin Cash tailspin sends it to the rock bottom with declines of 24.4% in a single week.
- Bitcoin Cash hard fork has the community split into two camps; Bitcoin ABC and Bitcoin SV.
There has been an abrupt bloodbath in the crypto market with losses amounting to $8 billion. Bitcoin Cash is the biggest loser of the day dropping by more than 6%. Moreover, the digital asset has plunged approximately 24.4% in the last one week. Other assets that have suffered greatly include Stellar (XLM), Ethereum (ETH) and IOTA (IOT).
Bitcoin Cash price has, for the first time in 10 days, said goodbye to $500 and testing the support at $470 while saying hello to $400 on the downside. BCH/USD traded higher in the last one week powered by the speculation surrounding the network’s hard fork which is to take place on November 15, hitting $640 on the upside before losing balance below $600.
At the moment, Bitcoin Cash is trading within a descending channel. The channel support at $460 is strong enough to hold in the coming sessions. Besides, the short-term support at $480 is holding just fine, for now. Although the indicators are still negative, Bitcoin Cash has put a stop to the sharp decline. A correction above $500 will face resistance at both the hourly 50 SMA and 100 SMA.
BCH/USD 15-minutes chart
Read more on Bitcoin Cash:
Bitcoin Cash (BCH) loss is Bitcoin (BTC) gain: Community in dilemma over the hard fork
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