Bitcoin Cash price analysis: BCH/USD gradually grinding down support seen between $1150-1130, fast drop to $800 may be on the cards
- Bitcoin Cash nursing losses of 4% on Tuesday, the price down 10% so far this week.
- BCH/USD testing key support, $1150-1130, next level seen at $800. Resistance firm at above supply zone $1500-1800.
The Bitcoin Cash price is seen down over 4% on Tuesday, as the selling pressure picks up pace, not showing any signs of easing this week so far. The move is seen across the market, no clear catalyst behind the moves, just appearing to be a general market bearish trend resumption.
BCH/USD is already down over 10% this week, in just two trading sessions, as the price heads towards support which is not seen until $800, around another 30% to the downside. This area can also be the neckline to a large head and shoulders pattern.
Technically, BCH/USD is grinding down support seen from 1150-1130, which would open the door for bears to drop down to $800. If the price manages to breach this support, then it could be problematic for Bitcoin Cash, as a steep drop would be inviting given the key breakout. Resistance remains chunky within the above supply zone from $1500-1800.
BCH/USD daily 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.
