Bitcoin Cash Price Technical Analysis – BCH/USD Testing Range Resistance




Key Points

  • Bitcoin cash price after a decent upside move struggling to break the $645 level against the US Dollar.
  • There is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to trade in the $580-640 range before the next move.

Bitcoin cash price is trading near the $645 resistance against the US Dollar. BCH/USD has to break $645-650 to gain further momentum.

Bitcoin Cash Price Resistance

Recently, we saw decent upsides in Bitcoin cash price above the $600 level against the US Dollar. However, the price seems to be struggling to break the $640 and $650 resistance levels. There is a broad range forming with support at $580 and resistance at $650. The price recently tested the $640-650 range resistance, attempted an upside break on a couple of times, but failed.

It seems like there is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD. The pair recently failed near $643 and started a short-term correction. It tested the 23.6% Fib retracement level of the last wave from the $570 low to $643 high. The downsides seem to be limited by the $600 level and the 50% Fib retracement level of the last wave from the $570 low to $643 high. Buyers are likely to protect declines if the pair moves toward $600 and $580.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the pair needs to break the range resistance at $640 and $650 to move toward $680. Above $680, the pair could even test the $700 handle in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level with positive signs.

Major Support Level – $600

Major Resistance Level – $640

 

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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