Bitcoin Cash Price Analysis: BCH/USD Remains Sell on Rallies

Bitcoin Cash Price Analysis: BCH/USD Remains Sell on Rallies

Bitcoin Cash Price Analysis: BCH/USD Remains Sell on Rallies

Taking a gander at the chart, Bitcoin price is obviously exchanging a bearish zone underneath $7,260. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%.

The U.S Securities and Exchange Commission (SEC) announced hours ago that it would not be making its Bitcoin ETF decision until next month, which led the market to react negatively to the news. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

Bitcoin has been on a downtrend trajectory since past couple of weeks and is now trading at around $7,000.

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VeChain (VET) traded 3.3% lower against the dollar and now trades at $0.0129 or 0.00000192 BTC. Always do your own research.

As major cryptocurrencies such as Bitcoin, Ripple, Ethereum and Bitcoin Cash undergo declines over the past day, the valuation of the crypto market has lost $5 billion suddenly.

Bitcoin prices started to recover during European session Tuesday after Tom Lee, the Head of Research at Fundstrat Global Advisors remained bullish on the cryptocurrency. It prompted a sharp downward move and the price broke the $0.3600 and $0.3400 supports.

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XRP/USD: The ripple community traded weak, breaking previous support despite news that XRP has now been added to the list of cryptocurrencies by Bitcoin Superstore, allowing customers to purchase from over 200k online retailers via XRP and 5 other cryptocurrencies, Coingape reported recently. Underneath the pattern line resistance, the past support at $7,260 is a critical resistance. Should the price break the triangle resistance, it could move towards the 38.2% Fib retracement level of the last drop from the $0.4624 high to $0.3198 low.

Therefore, any recoveries from the current levels is likely to face a strong selling interest above $0.3700.

For the day ahead, a move back through a start of a day $63.36 high would support a run at the first major resistance level at $65.48, though sentiment will need to materially improve for Litecoin to break through to $64 levels later in the day to support a break out. This is the last bearish wave, before bitcoin most likely enters into a long-term consolidation phase going into 2019. It nearly tested the $5.00 support and formed a low at $5.33. Nevertheless, as long as EOS price is below $6.85, it remains at a risk of more losses.

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