Bitcoin Cash has dropped last week under the $1,000 value and the BCH – USD pair will have to ascend above the $1,480 – $1,500 zone to get back on track.
Key moments for Bitcoin Cash
Bitcoin Cash has devalued drastically the past week and the trades have been placed to less than $1,000.
On the BCH – USD graph for four hours, there can be noticed two bear dominance trend lines that have a resistance line of $1,300 and $1,480.
The pair has to pierce the resistance of $1,480 to enter the bullish area.
Bitcoin Cash has had a black week, or more likely to say a red week, having a depreciation of more than 50% according to NewsBTC.com.
The price has fallen massively, underpassing the support level of $1,500 and $1,200.
The decline was a solid one and the price has dropped under $1,000. A minimum recorded price for last week was $986, moment when the coin started to gain some momentum.
The price has surpassed the Fibonacci retracement level of 23.6%, related to the decline $1,773 to $986.
Currently, Bitcoin Cash is trading at around $887.68 with a fall in the last 24 hours of 6.06%, which is pretty good considering the previous drop in price.
It is still the fourth in CoinMarketCap Top, due to its market capitalization of 15 billion dollar.
The chances for BCH to surpass Ripple are very small at the moment, and to re-enter the bullish area, BCH has to reach a value above $1,500.