Bitcoin Cash Price (BCH) Is Sliding and Here Is Why It Could Tumble

After a strong upward move, bitcoin cash price formed a top near the $405.00 area. Recently, BCH to USD started a downside correction and it is now at a risk of more losses below $335.00.

Key Takeaways: BCH/USD

  • Bitcoin cash price is slowly declining and it is now trading below the $350.00 support against the US Dollar.
  • BCH/USD is struggling to stay above a major bullish trendline with support near $335.00 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin is also sliding and it might soon break the $8,300 support area in the near term.

Bitcoin Cash Price Analysis

This week, bitcoin cash price started a downside correction from the $404.09 high. BCH price traded below many supports such as $380.00 and $365.00. Moreover, the bears were able to push the price below $350.00.

Bitcoin Cash Price

Looking at the 2-hours chart, bitcoin cash settled below the $350.00 level and 50 simple moving average (2-hours, purple). Finally, the price spiked below $330.00 and traded as low as $319.47.

It recovered a few points recently above the 23.6% Fib retracement level of the latest slide from $404.09 to $319.47. The price even climbed above $340.00, but it struggled to gain momentum above the $350.00 level and the 50 simple moving average (2-hours, purple).

It remained well below the 50% Fib retracement level of the latest slide from $404.09 to $319.47. At the moment, it seems like bitcoin cash price is struggling to stay above a major bullish trendline with support near $335.00 on the 2-hours chart.

If the price slides below the trend line support, it could revisit the $310.00 support level. Any further losses may perhaps start a major decline towards the $280.00 level in the near term.

Conversely, the price might start a fresh increase above the $340.00 and $350.00 resistance levels. A successful close above the $350.00 resistance area could encourage the bulls to push the price above the $365.00 and $370.00 levels.

Overall, the price is trading near a couple of key supports and it could either slide towards $300.00 and surge above $350.00.

Live Bitcoin Cash (BCH) Price:

1 BCH/USD =$260.2643 change ~ 0.97%

Coin Market Cap

$4.8 Billion

24 Hour Volume

$465.19 Million

24 Hour VWAP

$257

24 Hour Change

$2.5247

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Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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