Bitcoin Cash (BCH) Price Analysis: BCH/USD runs into trouble
- Bitcoin Cash runs into a heavy area of sellers, heading into the $650 territory.
- BCH/USD last faltered in the mentioned supply zone early September, resulting in a drop of over 35%.
The Bitcoin Cash price was seen nursing losses of around 1.50%, through the mid-point of trading on Wednesday. It cooled after running into touted supply zone, as highlighted in yesterday’s Bitcoin Cash write up.
BCH/USD bulls were fast approaching a known strong area of sellers, which was seen around the $650 territory. The price last faltered here heavily in the early part of September. As a result, the price at the time went on to drop over 35%, down to the early $400 territory.
Technically, eyes will be on potential support, just ahead of the $600 mark. Should this fail to provide any safety net, then a chunky drop back to test $500 mark to the downside, which is where the next demand zone is eyed.
BCH/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
