Bitcoin Cash Price Technical Analysis BCH USD
Analysis 2 mins

Bitcoin Cash Price Analysis – BCH/USD To Extend Declines

Avatar Aayush Jindal 2 years ago

Key Points

  • Bitcoin cash price failed to move past the $360 level against the US Dollar and started trading lower.
  • There is a major descending channel pattern with resistance at $310 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to decline and could even test the $280-275 support zone in the near term.

Bitcoin cash price is once again moving lower against the US Dollar. BCH/USD might continue to lose and most likely to trade below $300.

Bitcoin Cash Price Decline

There was a decent recovery initiated recently in Bitcoin cash price above $320 against the US Dollar. The price traded with a positive tone and was even able to move above the $350 level. However, the upside move failed near $355.27 form where the price started a downside move. The price slowly and steadily moved lower below the 50% Fib retracement level of the last wave from the $275 low to $355 high.

There was even a close below the 100 hourly simple moving average and the $320 level. It opened the doors for a close below the $300 level in the near term. A major descending channel pattern with resistance at $310 is formed on the hourly chart of BCH/USD. It might continue to act as a major hurdle for buyers near $310 and the 100 hourly simple moving average.

Bitcoin Cash Price Technical Analysis BCH USD

At the moment, the price is trading near the 76.4% Fib retracement level of the last wave from the $275 low to $355 high. So, there is a high chance of it trading towards the last swing low of $275. Overall, selling rallies towards $310 might be considered in the short term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is attempting a recovery from the oversold levels.

Major Support Level – $275

Major Resistance Level – $310

 

Charts courtesy – Trading View, Kraken

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