Bitcoin Cash price data analysis reveals no big secrets, Bitcoin Cash (BCH) price is struggling in the market and cannot find support above the four hundred dollars ($400) mark. This is despite hitting the year-to-date high point at five hundred and fifteen dollars ($515.65) on the 26th of June.
Cryptocurrencies have managed to climb back from the low prices of 2018 and the time around the year when a short crypto-winter happens in summer is about to approach.
The year 2019 has been rewarding to the crypto market as a whole as many tokens have managed to reach up to or above the level they were before the market collapsed.
However, Bitcoin has managed to increase its price against altcoins and the US dollar way more than other cryptos were able to. The crypto is maintaining its dominance over the crypto market by contributing to more than half of its market capitalization.
Bitcoin Cash, just like other altcoins, has been struggling as of late as the price has fallen once again below the key support points of four hundred and thirty and four hundred and twenty dollars ($430 – $420).
The price continued to fall and broke the support at four hundred dollars ($400) and established a thirty-day low at three hundred and eighty-one dollars ($381).
The four-hour moving average was broken below 55. The crypto has since managed to rise above four hundred dollars ($400) and four hundred and five dollars ($405) key supports.
On the fib retracement level, there was a break above 50% of the last decline from four hundred and forty-six dollars ($446) to the low at three hundred and eighty-one dollars ($381) mark. There was strong resistance at four hundred and twenty dollars ($420) and four hundred and twenty-two dollars ($422) marks. On the other hand, the price struggled to break through the 61.8% fib retracement level.
The pattern is forming a steep bearish trend line near four hundred and fourteen dollars ($414) on the four-hour charts. However, the news that Bitcoin Cash has just been accepted at six Swiss exchanges may provide some additional support.
Bitcoin Cash needs to break above the bearish trend line and then it might be able to establish support points at four hundred and twenty-five dollars ($425) with the next resistance at four hundred and forty dollars ($440) mark. However, if the price continues to decline the price may fall as low as three hundred and fifty dollars ($350).
The price action is hovering in a state of unstable equilibrium where bulls may allow it to reach four hundred and fifty dollars ($450) while the bears may purge it as low as three hundred and fifty dollars ($350) mark.
The Relative Strength Index (RSI) is positive above the 40 levels. The key resistances lie at four hundred and twenty dollars ($412) and four hundred and twenty dollars ($425) with the supports at three hundred and eighty-one dollars ($381) and three hundred and sixty dollars ($360) marks.
Bitcoin Cash price is hovering at four hundred and one dollars ($401.8) at the time of publishing.