Bitcoin Cash (BCHUSD) Trades Lower: Pushing Against Key Support Level

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Written By: Eno Eteng (MSTA)

Nov 14, 2019, 13:06 GMT 13:06

Bitcoin

Summary:

Bitcoin Cash is testing a key support level as bearish sentiment takes control of the cryptocurrency market once more. BCHUSD is trading lower at $274.

Bitcoin Cash is trading lower today as the bearish sentiment in the cryptocurrency market continues to gather steam this Thursday. BCHUSD is now testing a critical support level at the 274.31 price level. This support area is the site of multiple previous lows seen on July 15, August 14, August 30, November 1 and Nov 8.

Today’s bearish price action follows that of Bitcoin. Bitcoin Cash is a fork of Bitcoin and maintains a positive correlation with the number one crypto.

Technical Outlook on BCHUSD

Presently, Bitcoin Cash is finding support at 274.31. Further support areas lie at the 238.93 price level (October 1 and October 20 highs) as well as the Sep 26 and October 23 lows of 208.94.

A break below the present support which is being challenged at the moment opens the door to these support areas in sequential order.

However, price bounce from the current support could provide a bullish push to test the 308.26 price level, represented by previous highs of October 30 and November 6. Above this level, the previous highs of September 18 (327.22) could become relevant.

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.