Bitcoin Cash Price (BCH) Tumbles 35% In A Harsh Crypto Market Crash
Today, the crypto market crashed, with a strong decline in bitcoin cash below $250.00 and $200.00. BCH to USD is down more than 35% and it is now trading well below the $200.00 support.
Key Takeaways: BCH/USD
- Bitcoin cash price is down more than $100.00 and it broke the key $200.00 support against the US Dollar.
- BCH/USD dived below a major declining channel with support near $247.50 on the 2-hours chart (data feed from Bitstamp).
- Bitcoin is also down more than 25% and it broke the $6000 support area.
Bitcoin Cash Price Analysis
Today, it was a bad day for most traders as the crypto market crashed more than 25%, including bitcoin cash price, ethereum and XRP. BCH/USD broke many supports near $250.00 and $200.00 to enter a bearish zone.
Looking at the 2-hours chart, bitcoin cash price gained bearish momentum after it settled below the $250.00 support area and the 50 simple moving average (2-hours, purple).
More importantly, the price dived below a major declining channel with support near $247.50 on the same chart. It opened the doors for more losses below the $200.00 support.
The price is down more than 35% and it even broke the $180.00 level. A new multi-month low was formed near the $166.83 level and the price is currently trading in a nasty downtrend. An initial resistance is near the $191.40 level since it is close to the 23.6% Fib retracement level of the recent dive from $270.81 to $166.83.
The first major resistance is near the $200.00 handle, above which the price correct towards the $220.00 level. The 50% Fib retracement level of the recent dive from $270.81 to $166.83 is also near the $218.82 level.
Conversely, the price might continue to move down below the $166.00 and $165.00 levels. In the mentioned case, bitcoin cash price could even test the $150.00 support area in the near term.
Any further losses could lead BCH price towards the $132.00 and $125.00 support levels. Overall, the market is super red and it could dive further.