Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550
- Bitcoin cash price declined recently and broke the $575-580 support against the US Dollar.
- There is a major bearish trend line in place with resistance at $582 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair may continue to slide and it could even test the $550 support level in the near term.
Bitcoin cash price extended declines below $600 against the US Dollar. BCH/USD is currently under pressure and it looks set to test the $550 support.
Bitcoin Cash Price Analysis
Yesterday, we saw an extended downside correction below the $600-605 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $575-580 support area to move into a short term bearish zone. Moreover, there was a close below the $600 level and the 100 hourly simple moving average. During the decline, the price even surpassed the 61.8% Fib retracement level of the last wave from the $533 low to $638 swing high.
The price recently tested the $560 support…
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