In today’s Bitcoin cash price analysis, the market is currently in the middle of a strong bearish correction after its recent drop from the $400 resistance level.
Yesterday, January 23, the price of Bitcoin Cash (BCH) was in a bearish trend. After failing to break above the $400 resistance level, Bitcoin Cash price resumed the downward trend towards $360. Yesterday, BCH price declined from $360 down to a low of $330. This Friday, the bears pressing for a breakout to the downside. At the time of writing, Bitcoin Cash price technical analysis, the coin has fallen further to $307.
BCH bulls must now protect the $300 support level to prevent the price of Bitcoin Cash from falling below that key psychological level.
On the downside, a break below the $300 level will result in the market finding support at the $280 and $250 levels. If that happens, dip-buyers will likely emerge. On the upside, if more buyers emerge, the market will rise towards the $360 and $400 resistance levels.
On the 1-hour chart, the price of BCHUSD is in a bearish trend. After a downside break, the pair even failed to stay above the $360 support area. It declined heavily and settled below the $310 level. As the chart shows, a short-term drop towards $300 is likely. Nevertheless, a drop towards the $280 level appears more likely at present.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur 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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