Bitcoin Cash Price Technical Analysis – BCH/USD Holding on to Gains

Key Points

  • Bitcoin cash price recovered well from the $1340 low to well above $1700 against the US Dollar.
  • However, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to overcome selling pressure around the $1900 and $2000 levels to gain momentum.

Bitcoin cash price has moved into the positive zone above $1700 against the US Dollar. BCH/USD now has to move past $2000 for more gains.

Bitcoin Cash Price Upside Hurdle

Yesterday, we saw the start of a decent recovery in bitcoin cash price from the $1340 low against the US Dollar. The price moved higher and succeeded in breaking the $1700 resistance. There was also a break above the 38.2% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low. The current price action is positive above the $1700 level, but BCH is facing a major hurdle on the upside.

At the moment, the 50% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low at $1870 is acting as a major hurdle. More importantly, this week’s highlighted crucial bearish trend line with current resistance at $1900 is preventing gains on the hourly chart of BCH/USD. Therefore, there are two major resistance for more gains – $1900 and $2000. The pair has to move past $1900 and close above $2000 to gain further upside momentum.

Bitcoin Cash Price Technical Analysis BCH USD

Around the mentioned $2000, the price faces the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last fall from the $2405.2 high to $1340.9 low is at $1997. On the downside, an initial support is at $1700 followed by the $1500 level.

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 just above the 50 level.

Major Support Level – $1500

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

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Key Points

  • Bitcoin cash price started a recovery after trading as low as $1340 against the US Dollar.
  • This week’s highlighted major bearish trend line with current resistance at $2000 is still in place on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may correct further in the near term, but it faces a major challenge near $2000.

Bitcoin cash price is recovering from the $1340 swing low against the US Dollar. BCH/USD is still below a major resistance area at $2000.

Bitcoin Cash Price Recovery

During the past three days, we saw a major decline in bitcoin cash price below the $2000 level against the US Dollar. The price fell sharply and it even broke the $1500 support. It traded close to the $1300 level and formed a low at $1340. Later, a decent upside recovery was initiated and the price moved above the $1500 level. There was a close above the 23.6% Fib retracement level of the last decline from the $2400 high to $1340 low.

It is a positive sign, but the price still faces many resistances on the upside around $2000. More importantly, this week’s highlighted major bearish trend line with current resistance at $2000 is still in place on the hourly chart of BCH/USD. The pair may correct further. But it won’t be easy for buyers to break the $2000 level. At the moment, the price is trading near the 50% Fib retracement level of the last decline from the $2400 high to $1340 low at $1870.

Bitcoin Cash Price Technical Analysis BCH USD

A push above $1870 will most likely call for a test of the $2000 resistance. On the downside, supports are seen near the $1600 and $1500 levels.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved above the 50 level.

Major Support Level – $1600

Major Resistance Level – $2000

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price faced heavy selling pressure and it declined toward $1500 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $2100 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair may correct a few points, but it is likely to face resistances near $2000 and $2100.

Bitcoin cash price declined sharply toward $1500 against the US Dollar. BCH/USD is now in a bearish trend as long as it is below $2100.

Bitcoin Cash Price Downtrend

There was a start of a fresh downside wave in bitcoin cash price from the $2600 swing high against the US Dollar. The price crashed and declined below a few important support levels such as $2200 and $2100. The decline was such that the price even declined below the $1600 support. It traded close to the $1500 level and formed a low at $1501.7. Later, an upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $2403 high to $1501 low.

However, there are many resistances on the upside around the $2000 level. Above $2000, yesterday’s highlighted major bearish trend line with resistance at $2100 is intact on the hourly chart of BCH/USD. Moreover, the 50% Fib retracement level of the last drop from the $2403 high to $1501 low is at $1952 to prevent upsides. Therefore, it seems like there are many barriers for buyers around the $1950 and $2100 levels. As long as the price is below the $2100 level, it remains in a downtrend.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, an initial support is around $1600, followed by the last swing low of $1501. A break below $1501 could increase a lot of pressure for a move toward $1200.

Looking at the technical indicators:

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

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

Major Support Level – $1500

Major Resistance Level – $2100

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price failed to stay above the $2400 support area and moved down against the US Dollar.
  • There is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is likely to continue its decline towards $2100 since it is now well below the 100 hourly simple moving average.

Bitcoin cash price is moving lower sharply from $2550 against the US Dollar. BCH/USD could extend declines and may even test the $2100 level.

Bitcoin Cash Price Resistance

Yesterday, we saw a recovery wave in bitcoin cash price around the $2500 level against the US Dollar. However, the price failed to stay above the $2500 support since the $2550 level acted as a major resistance. As a result, there was a downside reaction from $2550. The price declined and broke a few important support levels including $2460 and $2400.

There was a break below the 61.8% Fib retracement level of the last upside wave from the $1997 low to $2750 high. BCH is currently trading just above the $2200 level and it seems like it may extend declines. The next major support is around the $2100 level. An intermediate support is around the 76.4% Fib retracement level of the last upside wave from the $1997 low to $2750 high. Below the mentioned $2100, the price is likely to retest the $2000 support and the $1997 swing low.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, there is a major bearish trend line forming with resistance at $2400 on the hourly chart of BCH/USD. The trend line resistance and the $2350 hurdle are likely to prevent gains in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently heading towards the oversold levels.

Major Support Level – $2100

Major Resistance Level – $2400

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price is slowly gaining upside momentum and is currently above $2500 against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is currently attempting a close above $2550 and the 100 hourly simple moving average.

Bitcoin cash price is showing positive signs above $2500 against the US Dollar. BCH/USD may gain momentum and head higher toward the $2700 level.

Bitcoin Cash Price Uptrend

There was a nice recovery from the $2000 swing low in bitcoin cash price against the US Dollar. The price started an upside move and was able to trade above the 50% Fib retracement level of the last decline from the $2946 high to $2000 low. However, the upside move failed near the $2850 level. There was a failure to close above the 76.4% Fib retracement level of the last decline from the $2946 high to $2000 low.

There was a slow and steady downside initiated and the price moved below $2600. The downside move was protected by the $2500 support. At the moment, the price is moving higher and gaining pace above $2500. There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD. The pair is currently attempting a close above $2550 and the 100 hourly simple moving average. Once there is a proper close above the $2550 and $2600 levels, there could be more gains.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $2500 level is a decent support. The next major support is around the $2450-2475 levels.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $2450

Major Resistance Level – $2550

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price is mostly trading in a range above the $2350 support against the US Dollar.
  • There is a major contracting triangle forming with resistance at $2800 on the 4-hours chart of BCH/USD (data feed from Kraken).
  • The pair has to move either above $2800 or break the $2350 support for the next move.

Bitcoin cash price is preparing for the next break above $2800 against the US Dollar. BCH/USD has a good support on the downside at $2350.

Bitcoin Cash Price Support

There were mostly range moves in bitcoin cash price this past week above the $2350 support against the US Dollar. The price dipped on a few occasions and tested the $2300 and $2200 support levels. However, the downside move was well supported with pivot as $2350. On the upside, the price struggled to break the $2700 and $2800 resistance levels.

The last dip was strong as the price moved below the $2200 level and traded as low as $1999. Later, the price recovered sharply and moved back above the $2400 level. The upside move was decent and the price was able to close above $2500 and the 100 simple moving average (4-hours). Moreover, it is now above the 50% Fib retracement level of the last decline from the $2948 high to $1999 low. It seems like there is a major contracting triangle forming with resistance at $2800 on the 4-hours chart of BCH/USD.

Bitcoin Cash Price Weekly Analysis BCH USD

The pair may continue to trade in a range above $2350. However, it needs to break either the $2800 resistance or break $2350 for the next move. Above $2800, the price could accelerate above the $3000 level in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Level – $2350

Major Resistance Level – $2800

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price after trading as high as $2948 started a new downside wave against the US Dollar.
  • There was a break below a short-term bullish trend line with support at $2560 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is now back in the bearish zone below $2600 and the 100 hourly simple moving average.

Bitcoin cash price reversed all its gains from the $2950 high against the US Dollar. BCH/USD is now below $2600 and is showing a few bearish signs.

Bitcoin Cash Price Resistance

It was a bullish run yesterday from the $2550 swing low in bitcoin cash price against the US Dollar. The price traded above the $2800 level and formed a high at $2948. Later, it faced a lot of selling pressure and the price tumbled below the $2700 and $2600 support levels. During the downside move, the price also cleared the $2580 support and settled below the 100 hourly simple moving average.

Moreover, there was a break below a short-term bullish trend line with support at $2560 on the hourly chart of BCH/USD. It seems like the pair has trimmed most of its gains and is currently in the bearish zone below $2500. The recent low formed was at $2353 from where the price attempted a recovery. It moved above the 23.6% Fib retracement level of the last drop from the $2948 high to $2353 low. However, the upside move was capped by the $2550 resistance and the 100 hourly SMA.

Bitcoin Cash Price Technical Analysis BCH USD

Furthermore, there was no break of the 38.2% Fib retracement level of the last drop from the $2948 high to $2353 low. Clearly, BCH is struggling below the $2500 level and it remains at risk of more declines.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.

Major Support Level – $2350

Major Resistance Level – $2550

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price finally gained traction and moved above the $2700 level against the US Dollar.
  • There was a break above two bearish trend lines with resistance at $2440 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is now placed nicely above the $2500 support and the 100 hourly simple moving average.

Bitcoin cash price is back in the bullish zone above $2500 against the US Dollar. BCH/USD made a nice upside move and is currently above the $2700 level.

Bitcoin Cash Price Trend

During the past three days, we saw a consolidation pattern in bitcoin cash price above $2280 area against the US Dollar. The price struggled to move above the $2450 and $2500 resistance levels. However, the past two sessions were positive, as the price moved above the $2450 resistance. It also succeeded in breaking the 76.4% Fib retracement level of the last decline from the $2750 high to $2250 low.

During the upside move, there was a break above two bearish trend lines with resistance at $2440 on the hourly chart of BCH/USD. It opened the doors for more gains and the pair moved above the $2700 level. The upside move was strong and a high was formed at $2953. At the moment, the price is correcting lower toward $2700. It has already breached the 23.6% Fib retracement level of the last wave from the $2231 low to $2953 high. However, the downside move was protected by the $2600 support area.

Bitcoin Cash Price Technical Analysis BCH USD

Moreover, the 50% Fib retracement level of the last wave from the $2231 low to $2953 high also acted as a support. The pair is now resuming its uptrend and it may soon break the $2800 level once again.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has slightly reduced its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently nicely placed above the 50 level.

Major Support Level – $2500

Major Resistance Level – $2800

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price continues to trade in a range above the $2280 support against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair has to close above the $2450-60 resistance levels to move back in the bullish zone.

Bitcoin cash price is trading in a range above $2280 against the US Dollar. BCH/USD could gain traction in the near term, but it has to break $2460.

Bitcoin Cash Price Support

There was a start to a new a short-term consolidation phase in bitcoin cash price above $2200 area against the US Dollar. The price was seen moving higher a few points toward the $2400 level, but it struggled to gain momentum. It seems like the 38.2% Fib retracement level of the last drop from the $2730 high to $2250 low prevented gains and an upside break.

More importantly, yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is intact on the hourly chart of BCH/USD. The pair was seen continuously offered around the $2450 resistance and the 100 hourly simple moving average. There was also a spike towards the 50% Fib retracement level of the last drop from the $2730 high to $2250 low. However, there was no upside break and close above the $2450-60 resistance levels.

Bitcoin Cash Price Technical Analysis BCH USD

The pair has to move above the mentioned $2450-60 resistance area to gain traction. Once BCH moves back in the bullish zone above $2460, it could attempt a run towards the $2700 level. On the downside, the most important range support is around $2260-80, which must hold to contain losses.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is struggling to move back in the bullish zone.

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

Major Support Level – $2280

Major Resistance Level – $2460

 

Charts courtesy – Trading View, Kraken

Key Points

  • Bitcoin cash price traded further lower and tested the $2300 support area against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to break the $2450 resistance and the 100 hourly simple moving average to gain momentum.

Bitcoin cash price declined towards $2300 against the US Dollar. BCH/USD is attempting recovery, but is facing hurdles near $2450.

Bitcoin Cash Price Resistance

Yesterday, we discussed that bitcoin cash price could test the $2300 support area against the US Dollar. The price did move down and tested the $2300 and $2280 support levels. Buyers were successful in preventing further declines and the price started a recovery above $2325. It moved above the 23.6% Fib retracement level of the last decline from the $2725 high to $2255 low.

However, the price is facing many upside barriers around $2400 and $2450. There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD. The trend line at $2450 is positioned along with the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $2725 high to $2255 low is around $2440. Therefore, the $2450 area seems be a major upside hurdle for buyers in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

A close above the $2450 and the 100 hourly SMA is needed for a push above the $2500 handle. An intermediate resistance is at the 50% Fib retracement level of the last decline from the $2725 high to $2255 low. On the downside, the $2300 and $2280 levels may continue to act as crucial supports.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.

Major Support Level – $2300

Major Resistance Level – $2450

 

Charts courtesy – Trading View, Kraken