Bitcoin Cash Price Analysis: BCH/USD Extending Downside Correction
Crypto Industry Celebrates Annual Bitcoin Pizza Day
Wednesday May 22, 2019
Today marks the nine-year anniversary of the first ever reported transaction using Bitcoin to make a purchase. A Florida-based, early crypto supporter spent 10,000 BTC on two pizzas, making history through a mundane meal...
The post Crypto Industry Celebrates Annual Bitcoin Pizza Day 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.
Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong
Saturday May 18, 2019
Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher. Although many analysts...
The post Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong 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 Price Chart: Technical Indicator Gives 5th Ever Parabolic Signal
Tuesday May 21, 2019
While Bitcoin price is struggling with overhead resistance at the moment and taking a much needed breather from its bullish rally that began in early April with a $1,000 green candle, the cryptocurrency may...
The post Bitcoin Price Chart: Technical Indicator Gives 5th Ever Parabolic Signal 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.