Bitcoin Cash market update: BCH/USD struggling to hold on to $300

  • Regulatory discussions surrounding Facebook Inc.’s Libra cryptocurrency could be derailing the market recovery.
  • Technical analysis shows that Bitcoin Cash is likely to slide under $300 in the short-term.

Bitcoin Cash hit a snag at $320 following the recovery from lows at $255 traded Monday. The entire market came under heavy selling pressure at the beginning of week amid the heated regulatory discussions surrounding Facebook Inc.’s Libra cryptocurrency. Market volatility shot up significantly with cryptos slumming back down due to failed recovery attempts.

Bitcoin Cash currently holds the fifth spot on the market with a market cap of $5.4 billion. It has a 24-hour trading volume of $1.7 billion and like Bitcoin it has a maxim supply of 21 million, however, currently only 17,900,063 BCH is in circulation.

At the time of press, Bitcoin Cash is struggling to hold on to $300. This comes after the price lost ground from the critical resistance at $320. The 100 Simple Moving Average (SMA)1-h is trying to offer support. The immediate upside is limited by the 50 SMA 1-h. More resistance is also coming from the 100 Exponential Moving Average (EMA) currently at $306.45.

Technical analysis shows that Bitcoin Cash is likely to slide under $300 in the short-term. The Relative Strength Index (RSI) is moving towards the oversold while the Moving Average Convergence Divergence (MACD) is crossing into the negative as an indicator of building bearish pressure. Possible support areas are $290, $280 and $260 - $255.

BCH/USD 1-h 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast