Bitcoin Cash Tests All Major Supports and Is Dipping Even Below; Trades at $264

  • Bitcoin Cash falls below $265 and draws a bearish trend line at $264
  • Although, it still trades above the lowest price mark in the past 90 days
  • BCH failed to stay still around the major support levels at $285, $280, $275, and $270.

Unlike Bitcoin, Bitcoin Cash (BCH) rose notably above $305 on November 06, 2019. Unable to sustain, BCH coin started declining and tested support at the lowest levels below $300, Important to note that the current trading price is the lowest in the ongoing month until the time of writing, which was first hit on November 15, 2019. This decline has been quite rapid and swift in comparison to the BTC price that is lingering around the narrow price range of $8,300–$8,700 for quite a long time.

Bitcoin Cash Price Prediction

Bitcoin Cash Price
BCH Chart By TradingView

Analyzing the daily movement of BCH/USD over a period of the past 90 days on the exchange of Kraken, we see that the BCH coin was trading at a high of $358.2. Within a month of trading duration, it slid to trade at $200, recording a 44% decline overall. Until the start of the ongoing month, the price of Bitcoin Cash remained below $300 except once when it hit $306.7 on the last day of the previous month. Today, after a period of fortnight and more the current trading BCH price is declined by over 13% as compared to the latter price mark in the chart.

As per Bitcoin Cash price forecast, BCH price growth seems to be slower. However, as per the recent price improvement, it could trade downwards. Bitcoin Cash trades in the ‘selling zone’ with no support from the short-term daily moving averages except the 50-day SMA at $251.51, a price correction to which creates a solid bearish sentiment.

Technical Indicators:

All the moving averages from the short-term to the long-term viz., 9-day, 30-day, 100-day, and 200-day are above the current trading price and, therefore, provide no grounded support.

The MACD of the coin is currently above zero but holds a bearish crossover as the signal line crosses the MACD line from below.

The RSI of the BCH coin is at 46.16 and shows no extremities at present.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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