Bitcoin Cash Price Technical Analysis – BCH/USD Upside Hurdles

Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price traded further lower and tested the $2300 support area against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair needs to break the $2450 resistance and the 100 hourly simple moving average to gain momentum.

Bitcoin cash price declined towards $2300 against the US Dollar. BCH/USD is attempting recovery, but is facing hurdles near $2450.

Bitcoin Cash Price Resistance

Yesterday, we discussed that bitcoin cash price could test the $2300 support area against the US Dollar. The price did move down and tested the $2300 and $2280 support levels. Buyers were successful in preventing further declines and the price started a recovery above $2325. It moved above the 23.6% Fib retracement level of the last decline from the $2725 high to $2255 low.

However, the price is facing many upside barriers around $2400 and $2450. There is a new connecting bearish trend line forming with resistance at $2450 on the hourly chart of BCH/USD. The trend line at $2450 is positioned along with the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $2725 high to $2255 low is around $2440. Therefore, the $2450 area seems be a major upside hurdle for buyers in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

A close above the $2450 and the 100 hourly SMA is needed for a push above the $2500 handle. An intermediate resistance is at the 50% Fib retracement level of the last decline from the $2725 high to $2255 low. On the downside, the $2300 and $2280 levels may continue to act as crucial supports.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.

Major Support Level – $2300

Major Resistance Level – $2450

 

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.

  • GR2_Expert

    Roger buy some BCH real quick to push up the trend line and spam a few million one Satoshi BTC transfers to jack up the BTC mempool again……

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