BCH Price Drops to $300 as the Market Structure Appears Bearish

The last 24 hours marked another major decrease in BCH price as it dropped to $300. It has found support above this level, but there's no assurance if it will hold

Bitcoin Cash (BCH) price slipped to $300 in the last 24 hours, marking another major decrease for the token. It has found some support above this level, but there’s no assurance if it will hold for long in the latest down surge.

BCH is now trading at $308, up 0.36% in the 24-hour period.

BCH Price Could Increase As It Faces Crucial Support At $300

Overall, BCH price structure appears bearish on the daily chart, though the price is now captured in a range as the measures of volume and volatility turn very low. We can expect a surge in volatility as soon as the volume increases.

While trying to advance retracement yesterday, the asset saw a sharp rejection at $357.5 and later closed weakly. Things got worse today, and the price dipped to a low of $300.

This price level has produced support but still looks very weak on the daily scale. Considering the current fallout, it is uncertain if this level will hold for long. However, a hold above this low level could bring back the retracement.

The bears are much more likely to sustain momentum from the look of things. We may see bigger drops in the coming days.

Following the drops from the peak of $640, the impulsive movement is mostly subjected to a consolidation phase, where it gathers enough momentum before distributing. The ongoing consolidation phase could lead to a massive collapse if the price breaks below the previous monthly low.

BCH's Key Levels To Watch

A continuous breakdown from the current trading level could slip the price to $285, followed by $279 – February’s low. A new low may surface at $250 and potentially $230 in the future.

Aside from the close $330 resistance, the rejected $357.5 level is an important resistance to watch for a recovery. A retracement above it should allow buying towards $396 and maybe $445.

Key Resistance Levels: $357.5, $396, $445

Key Support Levels: $270, $250, $230