Hardwork Bitcoin Cash was not the best influence on the course of the coin. Against the background of expectations of division of the chain of cryptocurrency, its value had grown to $ 630, but after 7 November, the asset went into free fall. Just a week it has decreased by almost 35 percent. If holders BCH almost no hope of growth in the medium term.
The General situation looks like this:
- Bitcoin Cash re-entered the downtrend and managed to fall below the support zone of $ 400;
- the 1 hour chart cryptocurrency formed two sloping resistance line near 420 and $ 450;
- with each new day increases the risk of a further decline in BCH to the zone of $ 360.
At the moment, bitcoin is trading on line 407 dollars. For the past day, it fell by 8 percent.
Earlier, we spoke about what Bitcoin Cash may fall below $ 400. Today, the asset attempted to move higher but could not break through the new resistance area of $ 450. Then followed a sharp downward movement with the breach of support near 420 and $ 400. After that BCH has set a new record this month (minimum cost $ 360).
Now the cryptocurrency is trading significantly below the 100 SMA on the scale 1-hour chart. In other words, the probability of the continuation of the downtrend is very high. If the asset is unable to break the nearest sloping resistance, he rolled to $ 360. In case of breakout of the next stops of the bulls will be the levels 420 and $ 450.
While technical indicators point to a small pullback. MACD has entered in a bullish zone, but the RSI is still below average. In this situation, it is best to open a small short on Cash Bitcoin, if bitcoin was not able to penetrate the local downtrend.
SUBSCRIBE TO OUR CHANNEL IN THE TELEGRAM TO ALWAYS TRADE IN PLUS.