- Bitcoin cash price remained in the bearish zone below the $310 level against the US Dollar.
- Yesterday’s highlighted crucial descending channel pattern with current resistance at $311 on the hourly chart of BCH/USD (data feed from Kraken) is intact.
- The price may continue to decline and might fail on rallies towards $310-320.
Bitcoin cash price was not able to recover against the US Dollar above $320. BCH/USD remains in the bearish zone and poised for more declines towards $280.
Bitcoin Cash Price Declining Pattern
There was no major recovery in Bitcoin cash price, as it remained capped by the $310-320 levels against the US Dollar. There was once a correction towards the $307 level, but buyers failed to take the price further higher. It seems like BCH struggle to trade higher continues with resistance near $310 and $320. BTC/USD surge could be the main reason why BCH is struggling to recover.
Looking at the technical side, yesterday’s highlighted crucial descending channel pattern with current resistance at $311 on the hourly chart of BCH/USD continues to act as a hurdle. Recently, the price traded towards the 50% Fib retracement level of the last decline from the $331.00 high to $292.80 low. However, it failed to gain momentum to break the $310 resistance zone.
The channel resistance near $310-311 is now aligned with the 100 hourly simple moving average. So, the mentioned $311 resistance may continue to act as a sell zone. On the downside, an initial support is at $292. Below $292, the price could trade towards $280. The most important support sits at $275, which can be seen as a monthly pivot.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is almost flat and suggesting no major movement.
Hourly RSI (Relative Strength Index) – The RSI is heading lower towards the 30 level.
Major Support Level – $275
Major Resistance Level – $311
Charts courtesy – Trading View, Kraken