(BCH) Bitcoin Cash Price Analysis for 5th April

Bitcoin cash made an unsuccessful approach in comparison with the dollars. BCH/USD is speculated to break the $625 low, thus witnessing greater losses in coming days. 

Given below are key points of Bitcoin Cash price study:

  • Bitcoin cash price couldn’t manage to go beyond $725 and witnessed sharp downfall in comparison with the US Dollar.
  • A break was witnessed under a key bullish trend line with support around $680 on the hourly chart of the BCH/USD pair. This data has been taken from Kraken.
  • The pair returns the past swing minimal point of $625, and it holds possibilities of greater losses.

A look at the declining Bitcoin Cash Price

It appears as of the past upward movement was finished at $725 in bitcoin cash price in comparison to the US dollars. The price initiated with a downward movement and broke various supports, like $700 and $680. A close also occurred under the $680 support and the 100 hourly simple moving on average. Traders got control and took the cost even lower at the $650 support point to set the stage for the further downfall.    

Moreover, a break was witnessed under a crucial, bullish trend line through the support around $680 at the hourly chart of the BCH/USD pair. The pair is currently trading around the past swing minimal point of $625. If the traders got the hilt, the break might happen under the $625 point. In such occasion, the price is said to reach a new low of around $600. On the other hand, early resistance is near the 23.6% Fib retracement point of the past downfall from the $724 maximum to $630 at the lower.

However, the toughest challenge is around the $670 level and the 100 hourly simple moving on average. A break beyond the $670 level is essential for a fresh recovery any time sooner.

An insight into the technical indicators:

The hourly MACD for BCH/USD comes back within its bearish zone.  Hourly Relative Strength Index for BSH/USD is currently much under the 40 level. On the other hand, the major support level is at $625, and the major resistance level is at $670.

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