Bitcoin Cash price analysis: BCH/USD exploring early May lows, plunges a whopping 18% on the day

It’s mayhem in the cryptocurrency market, as coins and altcoins record massive declines on Friday 11. Bitcoin cash price has extended declines below $1,400, but the fall appears not to be over, besides it is testing $1,300 level. The cause of the declined has been linked to the fallen Mt. Gox cryptocurrency exchange which is said to have moved at $8,200 BTC.

Bitcoin (BTC) price has also taken a plunge declining by over 8% on the day. Bitcoin is the parent cryptocurrency and has been said to carry the majority of the cryptocurrencies with it during the huge price movements. The recent uptrend in the market commenced when Bitcoin gained $1,000 in less than one hour in April. Other cryptos followed suit recording considerable gains and ushering what has been termed as the second quarter bullish trend.

Bitcoin Cash price, on the other hand, opened trading today above $1,500 and even traded beyond $1,550 before succumbing to selling pressure in the Asian trading hours. The 61.8% Fib retracement level with the last swing high of $1,831 and a low of $1,259 gave in to the declines which have now broken below $1,400. The RSI on the 1-hour chart is pulling deeper into the oversold levels, similarly the MACD on the same chart is at -60 confirming the prevailing bear pressure. On the downside, BCH/USD is supported by the descending trend line ($1,300). If the price breaks below this level, another highlighted support is at $1,250.

BCH/USD 1-hour chart