Analysis Technical

Bitcoin Cash Price Technical Analysis

Aayush Jindal | February 7, 2018 | 4:10 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis

Aayush Jindal | February 7, 2018 | 4:10 am

Key Points

  • Bitcoin cash price declined as low as $748 and is currently recovering against the US Dollar.
  • There was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • There is another bearish trend line on the upside with resistance at $1060 on the same chart.

Bitcoin cash price recovered nicely from the $748 low against the US Dollar. BCH/USD is currently above $900 and is facing resistances near $1,000 and $1,060.

Bitcoin Cash Price Recovery

There were further declines in bitcoin cash price below the $900 level against the US Dollar. The price even broke the $800 level and traded as low as $748. Later, the price started an upside correction and moved above the $800 level. It was able to move above the 23.6% Fib retracement level of the decline from the $1,160 high to $748 low as well.

More importantly, there was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD. The pair traded above the $900 level and made a decent recovery. However, there is another bearish trend line on the upside with resistance at $1060 on the same chart. Moreover, the price is currently testing the 50% Fib retracement level of the decline from the $1,160 high to $748 low. It is struggling to gain momentum above $950-960. It could move towards the $1,000 level, but an upside break above $1,000 won’t be easy.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the broken resistance at $900 is a support. Below $900, the price may retest the $800 support level if sellers come back in the action.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has just moved from the bearish to the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just managed to move back above the 50 level.

Major Support Level – $900

Major Resistance Level – $1,000

 

Charts courtesy – SimpleFX

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