Analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Grinding Lower

Aayush Jindal | November 16, 2017 | 5:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Grinding Lower

Aayush Jindal | November 16, 2017 | 5:08 am

Key Points

  • Bitcoin cash price is slowly moving lower and is currently trading below $1300 against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price has to overcome sell offers near $1200 and $1300 to make an upside move.

Bitcoin cash price is slowly moving down toward $1100 against the US Dollar. BCH/USD is facing two important resistances near $1200 and $1300.

Bitcoin Cash Price Decline

There is a slow and steady decline forming from the $1500 swing high in bitcoin cash price against the US Dollar. The price has declined below the $1300 level and the 50% Fib retracement level of the last leg up from the $1005 low to $1530 high. The current bias is bearish since the price struggled to settle above the $1300 level. It is currently trading well below the $1300 level and the 100 hourly simple moving average.

The price recently broke the 61.8% Fib retracement level of the last leg up from the $1005 low to $1530 high, which is a bearish sign. On the upside, there is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD. The pair is struggling to move above $1200 and $1220 resistance levels. On the downside, there is a support trend line forming near $1100. There is a chance that BCH/USD would test $1100 before it attempts an upside recovery.

Bitcoin Cash Price Technical Analysis BCH USD

To sum up, the current momentum is bearish as long as the price is below $1200 and $1300. It could test the $1100 and $1000 levels in the near term if the momentum remains intact.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving south and is well below the 50 level.

Major Support Level – $1100

Major Resistance Level – $1300

 

Charts courtesy – Trading View, Kraken

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