Bitcoin Cash price analysis: BCH price hits $275 low, down by 10 percent

Bitcoin cash price analysis reveals that Bitcoin cash price continues to take a pounding for another day

Bitcoin Cash price gradually came down on the price chart instead of the steep drop like that of Ethereum and Ripple XRP.

bitcoin price chartBitcoin Cash price chart by Trading View

Bitcoin Cash price analysis shows that the BCH price had been trading at the three hundred and fifty-eight dollars ($358) mark at the start of the day. Only to hit the low point of two hundred and sixty-seven dollars ($267) mark.

BCH price currently stands at three hundred and nineteen dollars ($319) mark, while the price is down by over ten and a half percents (10.67%).

Bitcoin Cash price analysis: Resistance/Support

Bitcoin Cash (BCH) is issuing a sell signal due to its failure to overcome the fifty (50) day SMA. It rested above a key resistance level of three hundred and forty-five dollars ($345.80), which the bulls have stampede over.

The twenty (20) day moving average was crossed by BCH due to excessive selling which also bought the RSI below fifty, at forty-seven (47.7). A price break, after BCH reaches the three hundred dollar mark ($300) on the lower end will station the cryptocurrency at the base of the head and shoulders pattern.

Bitcoin Cash price analysis: BCH price hits $275 low, down by 10 percent 2Bitcoin Cash price chart by Trading View

On the far side, BCH might rise as it is encapsulated inside a rising triangle pattern giving bullish signs. And the upside resistance that the cryptocurrency is going to face will be at four hundred and twenty-eight (428.54). Next up is the five hundred dollars ($500) mark.

Now it all weighs down on if the buyers push the price above the three hundred dollars ($300) mark.