Bitcoin Cash Price Analysis: BCH/USD Extending Downside Correction

Key Points

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Thursday August 22, 2019

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The post Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped appeared first on 12bitplay - Bitcoin Play.

Bitcoin cash price declined further and broke the $470 and $460 support levels against the US Dollar.
Yesterday’s highlighted contracting triangle with support at $486 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is following a bearish path and it could continue to move down towards $450 and $440.

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The post Major Bitcoin Move Coming? Bakkt Launch Date Coincides With Gann Pivot Points appeared first on 12bitplay - Bitcoin Play.

Bitcoin cash price is under pressure below $480 against the US Dollar. BCH/USD could decline further towards the next major support at $440.
Bitcoin Cash Price Analysis
Yesterday, there was a short-term bearish reaction from the $500 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside correction and declined below the $480 support. It opened the doors for more losses and the price cleared the $470 and $460 support levels. Moreover, there was a close below the $480 level and the 100 hourly simple moving average.
The price declined below the 50% Fib retracement level of the last wave from the $407 low to $510 high. More importantly, yesterday’s highlighted contracting triangle with support at $486 was breached on the hourly chart of the BCH/USD pair. Therefore, there are chances of more downsides in the short term towards $450 and $440. An intermediate support is the 61.8% Fib retracement level of the last wave from the $407 low to $510 high at $447. The most important support on the downside is near the $440 level, which was a resistance earlier.

Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control
Friday August 23, 2019

Bitcoin price is currently correcting higher above the $10,000 resistance against the US Dollar. The price is facing many key resistances near the $10,250, $10,300 and $10,400 levels. There is also a connecting bearish...

The post Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, BCH price is placed below a bearish trend line with resistance at $470 on the same chart. A proper bounce and break above $470 and $480 is needed for a recovery. On the upside, the main resistance is at $500.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Major Support Level – $440
Major Resistance Level – $480
The post Bitcoin Cash Price Analysis: BCH/USD Extending Downside Correction appeared first on NewsBTC.

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