Bitcoin Cash (BCH) Price Analysis: BCH/USD runs into trouble

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  • Bitcoin Cash runs into a heavy area of sellers, heading into the $650 territory.
  • BCH/USD last faltered in the mentioned supply zone early September, resulting in a drop of over 35%.

 

The Bitcoin Cash price was seen nursing losses of around 1.50%, through the mid-point of trading on Wednesday. It cooled after running into touted supply zone, as highlighted in yesterday’s Bitcoin Cash write up.

BCH/USD bulls were fast approaching a known strong area of sellers, which was seen around the $650 territory. The price last faltered here heavily in the early part of September. As a result, the price at the time went on to drop over 35%, down to the early $400 territory.

Technically, eyes will be on potential support, just ahead of the $600 mark. Should this fail to provide any safety net, then a chunky drop back to test $500 mark to the downside, which is where the next demand zone is eyed.

 

BCH/USD 4-hour chart

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