- Bitcoin cash price failed to move above the $360 level against the US Dollar and moved down.
- There is a new connecting bearish trend line with resistance near $320 forming on the hourly chart of BCH/USD (data feed from Kraken).
- The price might extend the decline and could even trade towards the $275 support zone.
Bitcoin cash price is struggling to gain pace against the US Dollar. BCH/USD faces hurdles on the upside and might decline towards $280-275.
Bitcoin Cash Price Decline
There was no increase in buying interest for Bitcoin cash price, and it failed to move above $360 against the US Dollar. The price is attempted an upside break, but failed and started declining with a break below $340. The downside move was such that the price broke the $320 support and the 100 hourly simple moving average. It recently traded close to the $300 level and formed an intraday low of $299.02.
On the upside, there is a new connecting bearish trend line with resistance near $320 forming on the hourly chart of BCH/USD. Below the trend line, the 100 hourly simple moving average is positioned along with the $320 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $390 high to $300 low is also near the trend line resistance. Therefore, it won’t be easy for BCH buyers to take the price above $320.
On the downside, the price is likely to test $280-275 if it fails to move above $320. A break and close above $320 would result in further gains may be towards the $340 zone or even $350.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is losing grip and might move down further in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently well below the 50 level.
Major Support Level – $300
Major Resistance Level – $320
Charts courtesy – Trading View, Kraken