- Breaks down on the short term chart.
- Chances of falling below $500.
Bitcoin Cash, the ambitious smaller cousin of the largest cryptocurrency Bitcoin, has broken down of a descending support line on the short term chart which could take it all the way below $500 round figure mark.
BCH/USD is down more than 3 percent on the day at $518.87 few points above low of the day. On the hourly chart, BCH broke down of a critical descending trendline support which has been helping it stay up in the recent moves.
Given the breakdown it may just fall below the round figure 500 mark or just around that. This range of $490-$510 is a critical long term support for BCH, if broken, it would be chaotic for the bulls and another 20-30 percent fall can’t be ruled out.
BCH/USD hourly chart:
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