- Bitcoin Cash crashes even harder than BTC price
- BCH/USD trades at the lowest price in the past 15 days
- BCH swings in the strong selling zone and has no grounded support from the short-term moving averages
Almost all the major coins of the crypto market are recording losses for quite some time now. Similarly, Bitcoin Cash price is crashing down even harder as it currently trades at $266.9. The price trend of BCH coin is having more inversely trading red candles leading to loss-making investments.
Bitcoin Cash Price Analysis
Analyzing the 4-hourly movement of BCH/USD on Kraken for the past 15 days, we see that the coin has started the month by trading at $283.4, after which it recorded two higher highs constantly. Unable to hold the volatility, the downtrend led the coin to trade at $269.7, recording a fall of 12% from the latter price mark of $308.
Later, the Bitcoin Cash tried to gain momentum in order to have grounded support above the major resistances and reached the trading price of $300. Just to fall again, BCH price started testing the support levels, and with this, the coin currently trades at $266.9.
The current trading price of BCH coin is not supported by any short-term moving averages but finds support near 30-day MA at $266, and the next important support lies at $265. The immediate resistance is at 30-day EMA, i.e. $270.97. According to Bitcoin Cash prediction, BCH is definitely a good asset to buy. Investing in BCH for the short term may not be that fruitful as the long-term will be. BCH coin is mostly recommended for long-term traders.
The MACD of Bitcoin Cash currently holds a bearish outlook as the signal line runs over the MACD line.
The RSI of the coin is at 35.42 and inclined towards the solid oversold region due to the current fall in the price.