Like the majority in the Altcoin market, Bitcoin Cash had a severe price drop in the previous week. After attaining yearly highs of $773 on Feb. 15, Bitcoin Cash price declined to subsequently enter into consolidation. However, Bitcoin Cash was not spared by the bearish wave that hit the entire crypto market. BCH cascaded from its high of $736 on Feb. 21 to lows of $432 on Feb. 28, shedding 27.22% on a 7-day basis. After the massive downswing, BCH/USD bulls are presently in a resuscitating move, trying to recuperate the losses. At the time of writing, Bitcoin Cash is exchanging hands at $495, up by 4.94% in the last 24 hours. With a market capitalization of $8.97 billion and a 24-hour trading volume of $3.95 billion, Bitcoin Cash presently ranks 11th largest. Cryptocurrency mainstream interest is certainly rising as Google Finance adds a dedicated ‘crypto’ tab featuring Bitcoin Cash, BTC, ETH, and LTC. Google Finance users can now get a quick rundown of the crypto prices with just one click.
*BCH cascaded from its high of $736 on Feb. 21 to lows of $432 on Feb. 28, shedding 27.22% on a 7-day basis
*At the time of writing, Bitcoin Cash is exchanging hands at $495, up by 4.94% in the last 24 hours
*Google Finance users can now get a quick rundown of crypto prices with just one click
Key Levels
Resistance Levels: $780.00, $634.00, $578.04
Support Levels: $432.00, $370.00, $268.00
BCH/USD Daily ChartAs seen on the daily chart, Bitcoin Cash registered a sharp price decline before finding support in the meantime at $432. Due to the bearish pressure, the Altcoin subsequently lost the MA 50 at $512. The downsloping MA 50 and the RSI below midline suggests an advantage to the bears. Conversely, if the bulls can build up on the current rebound past the MA 50 at $512, the BCH/USD pair may rise to $578. A breakout of this resistance could push BCH price to $634.
On the contrary, if the price fails to advance beyond the present levels, a retest of the $432 support may be quite likely. If this caves in, Bitcoin Cash could start a deeper correction to $369. BCH may be forced to seek support at the MA 200 coinciding with $336 support in case of further declines.
BCH/USD 4-Hour ChartThe BCH/USD pair has broken below the 4 hour MA 50 and 200 support but the bulls are attempting to arrest the decline and push the price past the $500 level. If they succeed in sustaining a breach past the MA 50 at $535, the BCH/USD pair may rise to $578 and then $634.
However, if the price turns down from the current levels, it may signal the start of a deeper correction. In this case, Bitcoin Cash may eye declines to $400 and then $370. The BCH/USD pair is only bullish while trading above the MA 50 mark, key resistance is found at the $578 and the $634 levels.
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