Bitcoin Cash Price Technical Analysis – BCH/USD Testing Support




Bitcoin cash price failed to gain bids and moved down against the US Dollar. BCH/USD is currently testing a crucial support above $270.
Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price continued to move down and traded towards the $270 support against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance near $300 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price failed to gain momentum after the break and continued to move down towards $270.

Bitcoin cash price failed to gain bids and moved down against the US Dollar. BCH/USD is currently testing a crucial support above $270.

Bitcoin Cash Price Support

It seems like there was no respite for Bitcoin cash price as it continued to move down from $340 against the US Dollar. The price extended its decline and currently placed well below the $300 handle. Earlier, there was an upside move from $280 towards the $320 level, but the price failed to gain momentum. There was even a break above yesterday’s highlighted connecting bearish trend line with resistance near $300 on the hourly chart of BCH/USD.

However, the price faced sellers near $320 and the 100 hourly simple moving average. It moved down and currently trading near a major support area of $270. The price is consolidating losses above $270 and might correct a few points higher in the near term. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $390 high to $272 low. However, the most important resistance is near $320 and the 100 hourly simple moving average.

Bitcoin Cash Price Technical Analysis BCH USD

The $320 zone is also near the 38.2% Fib retracement level of the last decline from the $390 high to $272 low. Selling rallies in the short term towards $320 might be considered.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is placed in the oversold levels.

Major Support Level – $270

Major Resistance Level – $300

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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