Bitcoin Cash Analysis: BCH Pulls Back Slightly After 57% Price Increase During The Start of November
- Bitcoin Cash has recently reached resistance at our expected zone-priced around $641.
- The market has since retraced to find support close to the 100 days moving average.
- Support moving forward; $556, $528, $500, $461, $437, $420.
- Resistance moving forward; $591, $600, $641, $667, $700, $704, $715.
Bitcoin Cash has seen a small price drop totaling -3.81% over the past 24 hours for trading. The cryptocurrency is now exchanging hands at a price of $567 per coin after seeing a 7-day price rise of 24%.
Bitcoin Cash retains its number 4 ranked position in terms of overall market cap across the entire industry as it holds a total market cap value of $9.89 billion. The 16-month-old coin is now trading at a value that is 86% lower than the all-time high price.
Let us continue to analyze price action a little closer over the short term and highlight any potential support and resistance zones moving forward.
Bitcoin Cash Price Analysis
Chart Source by Tradinvview
Analyzing price action from the short term perspective above, we can see that the recent price surge in early November 2018 saw the market rise right up into our expected resistance at the 1.272 Fibonacci Extension level (drawn in blue) priced at $641 before rolling over.
We can see that the market has now dropped close to the support provided by the short-term .382 Fibonacci Retracement level (drawn in green) priced at $556.90. The market has stalled at the 7 day EMA around $565.