Bitcoin Cash Price At Risk of Further Decline
Bitcoin cash is slowly declining in value going below the $550 mark. In comparison to the dollar, bitcoin cash managed to breaks supports of $540 as it declined.
Bitcoin cash later settled under the $540 mark hitting $515 level before the value started rising. The value later went over the 23.6% Fib retracement mark during the previously recorded drop of $30.
Notably, the drop peaked at around $525-530. Additionally, the periodic charts of resistance around the $528 level played a major role in inhibiting further gains. It later skived to 38.2% Fib retracement point.
The value is still heading downwards and it might trade at below the $515 mark. Notably, there exists a stronger backing at the $508-510 points. In case of any further drop, the value might hit the below $500 mark in the near future.
On the flipside, there exists atop a resistance trend at $526. In order to regain momentum, BTC needs to end the day at $530 level.