RATE Group | Bitcoin Cash Price Weekly Analysis: BCH/USD’s Downtrend Intact
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Bitcoin Cash Price Weekly Analysis: BCH/USD’s Downtrend Intact

27 May Bitcoin Cash Price Weekly Analysis: BCH/USD’s Downtrend Intact

Posted at 05:45h in Bitcoin News by

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Key Points

  • Bitcoin cash price remained under pressure and declined below the $1,000 support against the US Dollar.
  • There is a monster bearish trend line in place with resistance near $1,060 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to decline further and it could even break the last swing low of $948 in the near term.

Bitcoin cash price is in a bearish trend below $1,080 against the US Dollar. BCH/USD remains at a risk of more declines towards the $920 and $850 levels.

Bitcoin Cash Price Decline

This past week, there were sharp declines from the $1,100 swing high in bitcoin cash price against the US Dollar. The price declined and broke a few important support levels such as $1,050 and $1,000. It traded towards the $950 level before starting an upside correction. A low was formed at $948 and the price corrected above the 23.6% Fib retracement level of the last decline from the $1,322 high to $948 low.

However, the upside move was capped by the…

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