TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash Price Analysis: BCH/USD resumes downtrend, downside eyes $280

  • Bitcoin Cash falls in tandem with Bitcoin, Ethereum and Ripple as crypto selloff begins.
  • BCH/USD eyes support at $280 after losing over 2% of its value on the day.
Bitcoin Cash Price Analysis: BCH/USD resumes downtrend, downside eyes $280
John IsigeJohn IsigeFXStreet

Bitcoin Cash has succumbed to more losses on Tuesday in tandem with other major cryptocurrencies including Bitcoin, Ethereum and Ripple.  On Friday, BCH advanced above $300 but traded a high of $305 before declines took on the weekend. Support at $275 came in handy halting the crypto from suffering dire losses.

Recovery on Monday was slow but steady. BCH/USD stepped above the 50 SMA resistance as well as the $290 level. Unfortunately, resistance at the descending trendline stood in the way leaving the resistance at the 100 SMA and $300 untested.

At the time of writing, Bitcoin Cash has lost over 2% its value to exchange hands at $$283.The prevailing trend is bearish as highlighted by the RSI and the MACD. Losses are likely are likely to continue if the technical picture remains unchanged. Support is envisioned $280 but if declines extended, weekend support at $275 will come in handy.

BCH/USD1-hour chart

BCH/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Why altcoin season isn't coming back — and what stole its capital

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin recovers, trading above $78,000 on Friday, but the 50-week SMA near $78,760 continues to cap its upside. A hawkish Fed outlook, escalating Middle East tensions, and the CLARITY Act's failure to advance in the US Senate could limit BTC upside.

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. Is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Bitcoin trades higher near $78,000 on Friday as bulls return after early-week macro uncertainty and regulatory headwinds. Ethereum aligns with the broader crypto market’s neutral-to-bullish outlook, holding support above $2,400 and gaining momentum for a short-term breakout at $2,500.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.