- Bitcoin Cash plummets over 10% as the market bullish trend turns bearish unexpectedly.
- BCH/USD must keep the support at $540 otherwise a slide to $500 is still possible in the near-term.
Bitcoin Cash is swimming in the sea of red amid falling market prices. The slight bullish trend ushered in by the month of September became a booby trap for the bulls. The bears appear have been silently plotting an attack that resulted in shambles at the bull’s camp. Bitcoin Cash recently cleared the resistance at $600, at $640 but stalled before reaching $660. The trading from Monday has been nothing but a sideways consolidation of the gains supported above $620.
Bears have awoken today as Bitcoin Cash plummets over 10%. The lifeline support areas at $620 and $600 did little to help as the BCH/USD spiraled like a stone in the air. The trend line support at $626.74 could not hold ground either. BCH/USD is currently seeking support at $540, but upside correction is expected around $550.
Both the stochastic oscillator and the RSI are in the oversold regions, which mean that the bears will continue dominating in the short-term. The support at $540 must be kept to steer Bitcoin Cash away from declines towards $530 and eventually $500.
BCH/USD 15-minutes chart 
Share
