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.

John Isige FXStreet

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

Author

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

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BCH/USD1-hour chart

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