Bitcoin Cash price analysis: BCH/USD under fire heading back to find safety at long time trend line

BCH/USD carrying large losses of around 8% during trading on Tuesday.
Initial strong resistance trend line, will now be looked at for support, $1000.

Ken Chigbo Independent Analyst

The Bitcoin Cash price has remained on the back foot, throughout the trading session of Tuesday. It has been moving in lock-step with the large selling pressure and cooling of prices observed across the crypto market.

BCH/USD ran into a strong touted supply zone, which has proven difficult over several occasions within the last 4 weeks. The pressure seen for Bitcoin Cash to the downside, is pushing the crypto back towards an initially descending trend line, that had been acting as resistance since December 2017. As a recap, the price broke out of this 1st March, but with the recent fall in the market, it will be looking for that initial resistance line as support, tracking just above $1000.

Technically, should BCH/USD fail to be caught by the above-mentioned trend line, then expect a potential free fall. The next area to likely be tested, would be the extreme lows printed on 6th February, seen around $766.

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.

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