Bitcoin Cash faces further declines…
By Manoj Sharma for CNR
It’s no secret that the cryptocurrency market has been under heavy price pressure these past weeks. And one of the currencies at the heart of the fall has been Bitcoin Cash.
It was the fork in Bitcoin Cash that sparked the crypto tumbles, with differing alternatives vying for attention. Prices haven’t recovered either, leading many to worry that we’ve not hit the bottom of the market yet. For Bitcoin Cash, the latest price news very much reflects that.
That’s because the Bitcoin Cash price and US dollar pair broke heavily in the past few weeks and broke the $125, $110, and $100 support levels. A new low was formed by the BCH at $82 and it seems like the price could decline further.
Recently, Ethereum, Bitcoin, Ripple, Litecoin and EOS also observed a steep increase in selling pressure, but Bitcoin Cash remains the worst performer of all as it settled below $100. The initial resistance began at $95 level, but it increased to $97 as 23.6% Fib retracement level settled at this rate from the last $145 high to $82 low. The important point to note here is the visible bearish trend line formed with resistance at $100 on the 4-hours chart of the pair. In case, the close above the trend line and $100 is successful, the price could be pushed forward toward the $115 resistance. Here is the chart:
Going by the illustration, the Bitcoin Cash price remains in a downtrend below $110 and $100. The price could decline further if the sellers remain in action. Tough times…