Bitcoin Cash Price Analysis: BCH/USD Nosedives Below $100, $80 Next?
- Bitcoin cash price tumbled and broke the $125 and $100 support levels against the US Dollar.
- There is a monster bearish trend line in place with resistance at $120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently at a risk of more losses below the $100 level in the near term.
Bitcoin cash price ABC tumbled below $100 whereas BCHSV climbed above $100 against the US Dollar. BCH/USD is under pressure and it could trade towards $80.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price could test the $100 support against the US Dollar. The BCH/USD pair did move down and broke the $120 and $110 support levels. The price not only tested the $100 level, but sellers succeeded in clearing $100. A new yearly low was formed near $95 and it seems like the price may continue to slide. More importantly, BCHSV climbed higher recently and surpassed the value of BCHABC, which is a negative sign.
There are many bearish signs on…
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