Bitcoin Cash price analysis: As BTC drop below $28,000, BCH is likely to see its latest 52-week low

  • The Bitcoin Cash brokedown its latest 52-weeks low while following the downtrend. 
  • The Market Cap of BCH is down by 7.6% at remaining below the $3 Billion,
  • In terms of the daily price chart, the BCH coin is trading below  the vital moving averages such as 20,50.

After reversing from the supply zone (red), the Bitcoin Cash price has established a sequence of lower highs and lower lows, as severe panic selling pushed BCH to fall drastically underneath the $200 level in May. Furthermore, the $200 level is a significant psychological barrier, and the price has fallen below both the $200 and the $183 support levels.

Bitcoin Cash has dropped down to its lowest 52-week low while following the downtrend, and it is set to shatter the critical support level of $150 in an intraday trading session.

At the time of writing, BCH coin is trading at 152 mark, down over 7.5% in the intraday trading session. During a downtrend, sellers have a significant selling area near the downward trendline (white).

However, the trading volume gradually increases and shows the dominance of the bears over BCH coin. Meanwhile, BCH’s market cap fell 7.6%, while remaining below $3 billion. Furthermore, the bitcoin cash coin is trading down 2.6% at 0.00553 satoshis with the bitcoin pair.

As a support zone, a $150 mark was observed 

The 50-day exponential moving average was a redzone of volatility in the context of the daily price chart. Thus, the BCH token is trading below an important moving average like 20,50.

Besides, the RSI indicator is about to move into an oversold area after reversing from the semi-line.

Conclusion

Other altcoins react to the downtrend as well as the market leaders. The price of Bitcoin Cash is also following a downward trend, and it may take support around $150.

Support level – $180 and $150

Resistance level – $280 and $360

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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