Almost all the major coins of the crypto market are recording losses for quite some time now. Similarly, Bitcoin Cash price is crashing down even harder as it currently trades at $266.9. The price trend of BCH coin is having more inversely trading red candles leading to loss-making investments.
Bitcoin Cash Price Analysis
Analyzing the 4-hourly movement of BCH/USD on Kraken for the past 15 days, we see that the coin has started the month by trading at $283.4, after which it recorded two higher highs constantly. Unable to hold the volatility, the downtrend led the coin to trade at $269.7, recording a fall of 12% from the latter price mark of $308.
Later, the Bitcoin Cash tried to gain momentum in order to have grounded support above the major resistances and reached the trading price of $300. Just to fall again, BCH price started testing the support levels, and with this, the coin currently trades at $266.9.
The current trading price is not supported by any short-term moving averages but finds support near 30-day MA at $266, and the next important support lies at $265. The immediate resistance is at 30-day EMA, i.e. $270.97.
The MACD of BCH coin currently holds a bearish outlook as the signal line runs over the MACD line.
The RSI of the coin is at 35.42 and inclined towards the solid oversold region due to the current fall in the price.
