Uncategorized

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

Aayush Jindal | December 29, 2017 | 5:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Uncategorized

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

Aayush Jindal | December 29, 2017 | 5:08 am

Key Points

  • Bitcoin cash price declined further and tested the $2350 support zone against the US Dollar.
  • There is a major bearish trend line forming with current resistance at $2600 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair has to break the trend line resistance at $2600 and the 100 hourly simple moving average to gain momentum.

Bitcoin cash price is slowly recovering above $2500 against the US Dollar. BCH/USD has to settle above $2600 and $2700 to gain traction.

Bitcoin Cash Price Resistance

There were further losses in bitcoin cash price below $2500 against the US Dollar. The price traded below the $2400 level and tested the $2350 support zone. A low was formed at $2350 from where the price started an upside move. It has gained pace above the 23.6% Fib retracement level of the last drop from the $2950 high to $2350 low.

However, BCH buyers are facing a major resistance near $2600 and $2700. There is a major bearish trend line forming with current resistance at $2600 on the hourly chart of BCH/USD. The trend line resistance is also around the 38.2% Fib retracement level of the last drop from the $2950 high to $2350 low. Above the trend line resistance, the 100 hourly simple moving average is also around $2700. Between both, the 50% Fib retracement level of the last drop from the $2950 high to $2350 low is positioned.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, the pair is facing a tough challenge around the $2600 and $2700 levels. It has to move above the mentioned resistance levels to gain traction toward $3000. The overall bias is positive, but a failure to gain pace above $2700 could result in a downside move.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is gaining momentum above the 50 level.

Major Support Level – $2350

Major Resistance Level – $2700

 

Charts courtesy – Trading View, Kraken

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