Home Bitcoin Cash price analysis: BCH/USD embarks on another downtrend, but supported by Andrew’s Pitchfork: Facebook relaxes the ban on cryptocurrency ads
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Bitcoin Cash price analysis: BCH/USD embarks on another downtrend, but supported by Andrew’s Pitchfork: Facebook relaxes the ban on cryptocurrency ads

  • “”¦But we’ll continue to prohibit ads that promote binary options and initial coin offerings,” writes Facebook.
  • Bitcoin Cash price must fight to keep above $680, to avoid a breakdown towards $670 (recent lows).

Bitcoin Cash downside is unstoppable; the digital asset has resumed the downtrend on Wednesday morning (GMT). The price has dipped below $700 although it is currently battling to find a support. Andrew’s Pitchfork is offering support but is not that strong and BCH/USD could eventually break down and test the area at $680.

The price opened the session at $694.43 after rejecting the support from the 61.8% Fib retracement level with the last high leg of $775 and a low of $667.5. The upward movement initiated on Sunday could not break above the resistance at $770 and BCH/USD has been capped below this level since. The buyers must fight for a support above $680, this will prevent declines to the major support close to $670. The trend is, however, bearish at the moment. The Relative Strength Index is below the 40 mark and still heading south. The price is also trading below the moving averages whose gap is increasing signaling that the selling activity is growing in the short-term.

In other news in the market, one of the world’s leading social media platforms, Facebook has revised its ban policy on cryptocurrency advertisements. The ban has been active for about six months now. This move is expected to influence how other internet companies treat crypto products and services. Rob Leathern, the product management director at the social media company said in a blog post on Tuesday:

“In the last few months, we’ve”” to allow some ads while also working to ensure that they’re safe. So starting June 26, we’ll be updating our policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”

This move is a big win for the cryptocurrency related business considering that Facebook is a huge marketing platform. The businesses will, however, need to have their ads approved by Facebook by sending an application. Facebook has also called out to users to report any suspicious advertisements and action will be taken according to its policies.

BCH/USD 15′ chart

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