- Bitcoin Cash reverses the trend following Bitcoin widespread ignited selloff.
- BCHUSD stuck in a bearish zone as the bulls attempt to breakout above $400.
Bitcoin Cash is among the biggest double-digit losers on the last day of the week. The impressive gains of this week have led to the price tanking massively. The news in the market indicate that the declines could have been caused by a colossal sell order for Bitcoin o BitStamp exchange. Bitcoin led the market in the losses where the largest cryptocurrency by market capitalization explored the levels below $7,000 before find a support at $6,500.
On the other hand, Bitcoin Cash had extended the gains not only above $400 but hit the levels close to $450. The gains started towards the end of April after Bitcoin Cash found support at $225. BCH/USD bulls pushed for a reversal past both the 100 Simple Moving Average (SMA) as well as the 50 SMA. There was a correction past other hurdles at $300, $375 and $400.
Although, the bulls had eyes on $500, Bitcoin Cash was caught in the middle of the selloff affecting Bitcoin. The asset lost its bullish momentum dropping below $400, $375 and even the support at $350. Additional declines found bearing at $341.63 giving way for slight correction to the current $341.63.
Presently, the upside is immediately limited by the 50 SMA while the broken support levels at $375 and $400 will hinder correction to the upside. On the flipside, the price will find support at $325, the 100 SMA 1-hour, $300 and $250.
BCH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.