Bitcoin Cash Price Analysis: BCH/USD Extending Downside Correction

Key Points

Walmart Canada Launches Largest Blockchain for Supply Chain Management Ever
Thursday November 14, 2019

Walmart Canada has just announced what it describes as the world’s “first enterprise full production blockchain solution launched at a large scale mission-critical function”. The network will allow for information sharing and collaboration between...

The post Walmart Canada Launches Largest Blockchain for Supply Chain Management Ever 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.

How the Unbanking of Former PayPal CFO by BoA Shows Bitcoin’s Merit
Monday November 18, 2019

  If you have perused Crypto Twitter at all over the past few months, you’ve likely encountered “Bitcoin fixes this.” The meme, which has quickly become an industry favorite, has become somewhat of a...

The post How the Unbanking of Former PayPal CFO by BoA Shows Bitcoin’s Merit 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.

Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA Analysis
Monday November 18, 2019

The total crypto market cap is following a bearish pattern below the $230.0B level. Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500. EOS price is currently struggling to stay...

The post Crypto Market And Bitcoin Might Decline Further: BCH, EOS, TRX, ADA Analysis 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.

You may also like...