Bitcoin Cash price analysis: BCH/USD losses extend below this key range support

  • Bitcoin Cash bears outperform themselves as Bitcoin Cash plunges 14% on the day.
  • Bitcoin Cash is currently trading at $264 after finding support at $260.

Bitcoin Cash is leading the market in terms of the losses recorded today. The current bear pressure shows how bears are outperforming themselves. Bitcoin Cash has corrected upwards since the beginning of last week. Although the market was generally bullish, BCH/USD curved its own path and stepped above $300 to form a high around $333.69.

All attempts to push the price to the above high were thwarted by bear pressure and a range limit established at $352. The trading that followed towards the end of last week and this week has formed lower lows and lower highs. However, the bear pressure on Thursday has been nothing but devastating to the bulls. The short-lived BCH/USD surge has now culminated in losses of more than 14% in less than 24 hours.

The price is now dropping further down below both the 100 SMA and the 200 SMA 1-hour. The range support at $280 caved in giving the bears a clear passage. Bitcoin Cash is currently trading at $264 after finding support at $260. In spite of the support, the Relative Strength Index (RSI) 1-hour is still dropping in the oversold. The moving average convergence divergence (MACD) in the same range is trending lower in the bear territory. It is important that the support at $260 is defended by all means to ensure that Bitcoin Cash does not sink to levels close to $200.

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.