Bitcoin Cash price analysis: BCH/USD 12% slump shutters key support as Bitfinex suspends fiat deposits

• BCH/USD has found balance above $440 but the bear pressure is still too high to allow substantial bullish moves.
• Bitfinex exchange has “temporarily paused’ fiat deposits of USD, EUR, JPY as well as GBP.

The last two weeks have witnessed stability in the cryptocurrency market. Assets were trading in ranges avoiding deep swings in either direction. Bitcoin Cash (BCH) was stuck in the range with the upper resistance limit at $540 while the lower limit at $510. The tables turned on the investors and the bulls who were anticipating a break from the range.

The Bollinger bands on the hourly chart shows that the consolidation reached its limit moments before the close of the session on Wednesday 10. Unfortunately, the bear pressure in the market ignited the bear trend resulting in extended declines that broke various key support areas at $510, $500, and $480. Bitcoin continued to cancel the gains collected in the last week of September.

Meanwhile, BCH/USD has found balance above $440 but the bear pressure is still too high to allow substantial bullish movements. Moreover, the MACD is still ranging in the negative zone, which means that seller presence is still high in the market. At the same time, the DMI signal shows that the bear trend will continue, at least for the short-term. Bitcoin Cash buyers must continue to hold their ground at the $440 support, otherwise a slide below this level could spiral down to $400.

In other news, it has been reported that one of the largest exchanges, Bitfinex has “temporarily paused’ fiat deposits of USD, EUR, JPY as well as GBP. The news was first mentioned on The Block. The situation is, however, expected to “normalize within a week,” according to the exchange’s customers on Twitter.

BCH/USD hourly chart