Bitcoin Cash price analysis: BCH rejected at $480, further downwards movement expected

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Price analysis of Bitcoin (BTC) and Bitcoin Cash (BCH) is provided by monero-rings.com. We are going to assess the price of both cryptocurrencies by analyzing their dynamics. These dynamics are based on several important factors, including news and events. The price of Bitcoin and Bitcoin Cash is affected by news about the two cryptocurrencies, Bitcoin Cash BCH price analysis. The analysis is based on the theory that the price of a cryptocurrency can be predicted by considering the following factors:

After the last week’s strong rejection at $480, Bitcoin Cash is now supported by $390. This week, the coin is expected to follow the descending price trend, and the price is expected to fall to $350-350.

TL;DR Breakdown

  • Bitcoin Cash price can be expected to fall to $450
  • The closest support level lies at $470
  • BCH faces resistance in crossing the $500 mark.

Bitcoin Cash price tried to recover above the $480 mark today after finding support at the $470 mark. The price has broken below the horizontal channel it has been trading in since the start of July and continues falling.

The broader cryptocurrency market observes a negative market sentiment over the last 24 hours as most major cryptocurrency assets record losses over the period. These include BTC and ETH that record a 2.6 and a 5.83 percent drop, respectively. Major players include SUSHI and THETA that record a 9.6 and an 8.7 percent decline, respectively.

Technical indicators for BCH/USDT: Bears dominate the markets

4-hour price chart by Tradingview

Bitcoin Cash price analysis: BCH rejected at $480, further downwards movement expected

Traders should expect the Bitcoin Cash price to continue moving downwards as the bears dominate the markets and the selling pressure continues to rise. As the price falls, the nearest support level lies at the $450 mark; however, the high selling pressure suggests that the support level will not hold, and the Bitcoin Cash price will continue falling.

As such, traders should expect the price to fall to the $450 mark before recovering. The price action may defend the $470 support level, however, the strong selling pressure would mean further consolidation at the level without any movement above the $500 mark.

Disclaimer. The information provided is not trading advice. .com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Emilia James
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