Bitcoin Cash looks set for a desperate descent to the downside following a gruelling sell-off that saw it lose a number key levels of support
Bitcoin Cash has been one of most affected cryptocurrencies during the recent sell-off, falling by more than 20% after being rejected from the $500 level of resistance.
Despite the fact that a number of top altcoins have rallied against their respective BTC trading pairs today, Bitcoin Cash has struggled to make a gain.
At the time of writing it was trading at around $391, six percent lower than the crucial level of support turned resistance at $418.
The daily 22 exponential moving average (EMA) is now ticking to the downside which suggests that momentum in the short term is driving price towards the $358 level of support.
A break below the daily 55 EMA and the $357 level of support would undoubtedly cause continuation to the downside as cryptocurrency bulls put the champagne on ice.
However, much of it depends on the upcoming direction of Bitcoin, which will undergo a block reward halving in May.
The block reward halving is considered a key event in the cycle of Bitcoin bull and bear markets as it theoretically dries up supply, thus causing a natural increase in price.
Breaking above $500 would mark a fairly substantial and historic moment for Bitcoin Cash, which has failed to trade above that level since November 2018.
Key price targets fn a breakout comes into fruition would be at $560 and $644 with another level at $855.
Pricing
Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents:
US Dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese Yen – BCHtoJPY
Euro – BCHtoEUR
Australian Dollar – BCHtoAUD
Russian Rouble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017.
source this article: https://coinrivet.com/latest-bitcoin-cash-price-and-analysis-bch-to-usd-45/
