Analysis

Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This?

Aayush Jindal | August 17, 2017 | 4:30 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis – Can BCH/USD Break This?

Aayush Jindal | August 17, 2017 | 4:30 am

Key Points

  • Bitcoin cash price remains below the $310 level, but currently attempting an upside break against the US Dollar.
  • This week’s highlighted major descending channel pattern with current resistance at $302 on the hourly chart of BCH/USD (data feed from Kraken) is currently put to test.
  • The price may break above the channel resistance at $302 and continue to move higher.

Bitcoin cash price is slowly recovering from $290 against the US Dollar. BCH/USD has to clear $302-305 levels to gain bullish momentum.

Bitcoin Cash Price Upside Break Near?

This week we followed a declining pattern in Bitcoin cash price towards $280 against the US Dollar. The price traded lower and finally it seems like a support is forming near $290. The price attempted a downside break below $290 on a couple of occasions, but failed. As a result, the price is currently moving higher and challenging a major resistance area.

Currently, this week’s highlighted major descending channel pattern with current resistance at $302 on the hourly chart of BCH/USD is put to test. The channel resistance at $302-303 is also around the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last decline from the $355.00 high to $290.90 low is also near the channel resistance. If the price manages to settle above the channel resistance at $303 and the 100 hourly SMA, there can be more gains.

Bitcoin Cash Price Technical Analysis BCH USD

The next major stop could be the 50% Fib retracement level of the last decline from the $355.00 high to $290.90 low at $323. On the downside, the $290 support may continue to provide support in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving higher in the bullish zone, but lacks momentum.

Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Major Support Level – $290

Major Resistance Level – $303

 

Charts courtesy – Trading View, Kraken

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!