Bitcoin Cash price analysis: Declines test August lows; Bentley, Rolls-Royce, and Bugatti dealership accepts BCH via BitPay

The market is bleeding and this time the fall is unstoppable, especial for Bitcoin Cash which has plunged from trading above $650 and is now seeking refuge slightly below $500. Bitcoin Cash bulls were taking a breather following a recovery that occurred after the August declines that saw BCH/USD test the support at $470 while heading to $450. The price broke above the bearish trendline that started from the highs on July 17 and July 24.

BitPay, a leading blockchain payments platform has announced that Bitcoin Cash (BCH) and Bitcoin (BTC) are currently accepted as payment by a Bentley, Rolls-Royce, and Bugatti dealership based in the United States. The Post Oak Motor Cars is giving luxury car buyers an opportunity to purchase vehicles using the cryptocurrencies with BitPay support. Sonny Singh, Chief Commercial Officer of BitPay said in regards to the partnership:

“We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments. “This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.”

Bitcoin price currently seeking support at $480 but the trend is strongly bearish and lower corrections are imminent. The stochastic is ranging but in the oversold, besides the outlook of the chart is greatly negative. Bitcoin is likely to break down further below August lows unless a support is established at $480 and a pullback above $500 occurs. The 100 SMA and the 50 SMA currently at $557.35 and $582.00 respectively are the ultimate resistance levels in the medium.

BTC/USD 15’ chart