Bitcoin Cash Price Plummets to $359 Amid Bearish Momentum
- Price Plunge: Bitcoin Cash (BCH) price dropped over 11% on May 18, trading near $359, marking one of its steepest single-day declines in recent months, raising concerns about its future trajectory.
- Support Level Breach: BCH has decisively broken below the key psychological support level of $400, which had served as a significant floor in recent months, with the current downtrend potentially leading to a revisit of its 2025 lows.
- Deteriorating Market Sentiment: As investors reduce exposure to risk assets, market sentiment surrounding Bitcoin Cash has weakened significantly, with trading activity and capital rotation shifting towards newer blockchain ecosystems and institutional-focused assets, exacerbating selling pressure on BCH.
- Technical Indicators Show Selling Pressure: The MACD indicator has confirmed a new bearish crossover, while the RSI has dropped to 21, indicating extremely weak short-term buying strength; if sellers continue to defend the broken $400 support zone, BCH may face a deeper correction.
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Technical Analysis for BCH
Technical Sentiment Analysis for Bitcoin Cash (BCH). As of , Bitcoin Cash (BCH) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BCH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BCH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin Cash (BCH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 234.093 | 283.797 | 328.793 | 378.497 | 423.493 | 473.197 | 518.193 |
| Fibonacci | 283.797 | 319.972 | 342.321 | 378.497 | 414.672 | 437.021 | 473.197 |
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