- Bitcoin cash price is struggling to move higher and remains below the $340 resistance against the US Dollar.
- This week’s highlighted major bearish trend line with current resistance at $325 is a crucial hurdle on the hourly chart of BCH/USD (data feed from Kraken).
- The price is just holding the $300 handle, but remains at a risk of more declines.
Bitcoin cash price is not able to move above $330-340 against the US Dollar. BCH/USD is now struggling to hold the $300 support area.
Bitcoin Cash Price Support
It seems like Bitcoin cash price is struggling to recover from the $300 support against the US Dollar. Therefore, the price remains at a risk of more losses below $300 in the near term. At the moment, buyers are fighting hard and the price is trading just above $300. There were 2-3 attempts to surpass the $300-305 levels, but sellers failed. The price is currently recovering with an initial resistance around the 23.6% Fib retracement level of the last drop from the $335 high to $304 low.
An intermediate resistance is near $318 and the 50% Fib retracement level of the last drop from the $335 high to $304 low. On the upside, this week’s highlighted major bearish trend line with current resistance at $325 is intact on the hourly chart of BCH/USD. It might continue to play a major role for an upside break above $340. As long as the pair is below the trend line resistance and $340, it remains in the bearish zone.
On the downside, a close below $300 would take the pair towards the last low of $290.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 45 level.
Major Support Level – $305
Major Resistance Level – $325
Charts courtesy – Trading View, Kraken