Bitcoin Cash Price Technical Analysis – BCH/USD Testing Range Resistance

Key Points

  • Bitcoin cash price after a decent upside move struggling to break the $645 level against the US Dollar.
  • There is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to trade in the $580-640 range before the next move.

Bitcoin cash price is trading near the $645 resistance against the US Dollar. BCH/USD has to break $645-650 to gain further momentum.

Bitcoin Cash Price Resistance

Recently, we saw decent upsides in Bitcoin cash price above the $600 level against the US Dollar. However, the price seems to be struggling to break the $640 and $650 resistance levels. There is a broad range forming with support at $580 and resistance at $650. The price recently tested the $640-650 range resistance, attempted an upside break on a couple of times, but failed.

It seems like there is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD. The pair recently failed near $643 and started a short-term correction. It tested the 23.6% Fib retracement level of the last wave from the $570 low to $643 high. The downsides seem to be limited by the $600 level and the 50% Fib retracement level of the last wave from the $570 low to $643 high. Buyers are likely to protect declines if the pair moves toward $600 and $580.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the pair needs to break the range resistance at $640 and $650 to move toward $680. Above $680, the pair could even test the $700 handle in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level with positive signs.

Major Support Level – $600

Major Resistance Level – $640

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.


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