Bitcoin Cash Price Technical Analysis – BCH/USD Reverses Gains




Bitcoin cash price is currently under pressure below $1500 against the US Dollar. BCH/USD might extend losses towards the $1360 level.
Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price has started a new downside wave and it currently below $1450 against the US Dollar.
  • There was a break below a key bullish trend line with support at $1480 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to decline and it could even test the $1380 and $1360 support levels.

Bitcoin cash price is currently under pressure below $1500 against the US Dollar. BCH/USD might extend losses towards the $1360 level.

Bitcoin Cash Price Resistance

There was a failure to hold a major support near $1450 in bitcoin cash price against the US Dollar. The price even moved below the $1440 support and is currently showing a few bearish signs. There was a push below the 38.2% Fib retracement level of the last wave from the $1205 low to $1614 high. It has opened the doors for more losses below $1450 and the price is now below the 100 hourly simple moving average.

More importantly, there was a break below a key bullish trend line with support at $1480 on the hourly chart of BCH/USD. This is a major bearish sign as long as the price is below $1450. At the moment, the pair is trading near the 50% Fib retracement level of the last wave from the $1205 low to $1614 high. It seems like the pair might soon break the $1410 and $1400 support levels and extend its decline.

Bitcoin Cash Price Technical Analysis BCH USD

The next major support is near the 61.8% Fib retracement level of the last wave from the $1205 low to $1614 high at $1360. On the upside, the broken support at $1450 is now a resistance followed by the 100 hourly SMA.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is reaching oversold levels at 25.

Major Support Level – $1360

Major Resistance Level – $1480

 

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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