Bitcoin Cash price analysis: Impending bearish channel breakout banks on Nov 15 hard fork
|- Bitcoin Cash engages reverse gears as the community anxiously await hard fork.
- This is the worst selloff for Bitcoin Cash since October 11.
Bitcoin Cash price embarked on a gain trimming exercise over the weekend with declines hitting 8%. The fourth largest cryptocurrency had added massive gains following the breaking of the news that the incoming hard for will a new token birthed. Investors moved fast with the speculation as expected leading to an incredible rise above $600, and even brushing shoulders with $640.
However, in the last 24 hours, Bitcoin Cash value has tanked tremendous within a descending channel. The crypto is losing value a head of the hard fork that has been scheduled to take place on Thursday 15. The current selloff is the worst one since October 11. It seems investors have decided to draw a line in the sand and take profit ignoring the hype surrounding the fork.
At press time, Bitcoin Cash value is at $530. The digital asset is attempting to break free from the bearish channel resistance. However, the hourly 50 SMA is also capping gains at $540. Similarly, another hurdle will be faced at the 100 SMA on the same chart. $560 is the immediate supply zone presenting a critical breakout point that will place BCH/USD on an upward path to $600.
Meanwhile, the short-term support rests at $500 with $480 being the next viable support area. A look at the chart shows that the buyers have the power to keep the price above $520 and defend the support zones mentioned before.
BCH/USD hourly chart
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