Bitcoin cash price declined heavily after BTC started a strong slide below $12,000. BCH price is down more than 20% and it recently broke a few important supports near $380.00 and $350.00.
- There was a strong drop in bitcoin cash below the key $380.00 support area.
- BCH traded below a major bullish trend line with support near $418.50 on the 2-hours chart.
- The price traded close to the $310.00 level and it is currently correcting losses.
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Bitcoin Cash Price Analysis (BCH to USD)
Today, there was a sharp decline in bitcoin price and the crypto market cap. BTC broke the $12,000 support, resulting in heavy losses in BCH, Ethereum, ripple, EOS and BNB. BCH price declined more than $50.00 and broke many important supports such as $380.00 and $350.00.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair topped near the $430.28 level and recently started a nasty drop. It traded below a major bullish trend line with support near $418.50 to open the gates for a bearish wave.
More importantly, there was a break below the key $380.00 support area, which sparked a sharp decline. The price declined more than $50.00 and settled below the 25 simple moving average (2-hours).
A new monthly low was formed near $311.87 and the price is currently correcting higher. It traded above the 23.6% Fib retracement level of the recent slide from the $430.28 high to $311.87 low.
However, there are many resistances on the upside near the $350.00 and $360.00 levels. The main resistance on the upside is near the $380.00 level (the previous support now a major hurdle).
An intermediate resistance could be $370.00 and the 50% Fib retracement level of the recent slide from the $430.28 high to $311.87 low. Therefore, an upside recovery towards the $370.00 and $380.00 levels is likely to face a strong selling interest.
On the downside, bitcoin cash price could find support near the $320.00 and $310.00 levels. If it fails to stay above the recent swing low near $310.00, there are chances of a downside break below the $300.00 handle in the near term.
The market data is provided by TradingView, Coinbase.
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