Bitcoin Cash is tanking and we are nearing an important support zone
- All major cryptocurrencies have taken a hit today and Bitcoin Cash is one of the underperformers.
- The BCH/USD price is now headed to the consolidation low price of 255.06.
Bitcoin Cash has sold off on large volume over the last few hours and the daily loss has now hit 8.33%.
On the daily chart below, I have outlined a few important price levels but if the volume increases at the same rate it may not matter.
255.06 is the consolidation low from July and until recently looked to be holding strong.
Today all of the majors seem to be taking a hit and BTC/USD has also lost 3.83% but this is nothing compared to BCH/USD.
Under this, 277.40 is the next support zone to be aware of as after the rally it was used before as a platform for a move higher.
The volume profile on the left-hand side is showing a low volume node which sometimes helps support levels.
Lastly, there is a trendline on the chart which is near the support zone. Price may spike to reach that level before consolidating.
Pivot Point Table:
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
