Bitcoin Cash Price failed to continue above the key $300 resistance level and has extended its decline. Will the downtrend continue?
Yesterday, November 14, the price of Bitcoin Cash (BCH) was trading in a bearish trend. Recently, the bulls were resisted at the $300 level. As a result, Bitcoin Cash price started a steady decline and broke the $285 support level to move into a bearish trend zone.
At the time of writing, the coin is changing hands at the $273 support level.
On the downside, if the selling pressure continues below the $273 support level, there is a risk of more losses below the $265 level. On the upside, if more buyers emerge, the coin will rise and retest the $290 and $300 price levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BCHUSD is in a bearish trend. The pair is clearly trading near a major support at $273.
If the BCHUSD price fails to stay above $275 and $273, there could be an extended decline towards the $265 area. On the upside, a clear break above $280 and $285 is needed for a fresh upward move in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Author Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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