- Bitcoin Cash declines reach 9.45% this week only.
- The support on Abra wallet comes at a time the buyers need a catalyst and a momentum boost.
- The bulls must battle to defend $430 support by all means and push the price above $440 in the short-term.
Bitcoin Cash has been dancing on shaky grounds lately. It has lost at least 9.45% of its value since the beginning of this week. In addition to that, the bear trend broke the previous support at $470 (August lows) and test the lifeline support at $410 amid the growing storm that has made the crypto market unbearable. The good news is that the buyers defended the support at $410. Moreover, there has been an incredible pullback that stepped above $440 on Thursday.
Consequently, the newly announced support on Abra wallet has come to help quell the storm that has had far-reaching effects on BCH/USD. The announcement was made by Abra via Twitter on September 12 and indicated that the wallet is ready for BCH deposits and withdrawals. Moreover, users have the ability to deposit the funds in BCH from all over the world. Abra stated:
“We are pleased to announce that now you can deposit and withdraw bitcoin cash on Abra! Watch our CEO @billbarhydt and @rogerkver talk about the announcement and on all things #BCH https://youtu.be/hUfmjSk0TQw @BITCOlNCASH @BitcoinCashFans.”
In the meantime, Bitcoin Cash is trading at $433 after a slight correction from the intraday highs of $442.16. The 38.2% Fib retracement level with the last upward swing of $465.94 and a downward swing of $410.25 is offering immediate support. The 50SMA (15-minutes chart) is hindering upward movement but significant hurdles exist at the 50% Fib level and the supply zone at $442.16. The buyers must battle to defend the support at $430 and by all means, avoid a drop towards the primary support at $410.
BCH/USD 15-minutes chart
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