Analysis Technical

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

Aayush Jindal | February 8, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

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

Aayush Jindal | February 8, 2018 | 4:08 am

Key Points

  • Bitcoin cash price is trading in a positive zone, but is struggling to break the $1,000 resistance against the US Dollar.
  • There is a major connecting bearish trend line forming with resistance at $985 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair must break the $985 and $1,000 resistance to gain upside momentum in the near term.

Bitcoin cash price struggled to break the $1,000 level against the US Dollar. BCH/USD must clear hurdles near $985 and $1,000 to post further gains.

Bitcoin Cash Price Resistance

Yesterday, we saw a decent start to a new recovery in bitcoin cash price above $800 against the US Dollar. The price traded above the $850 and $900 resistance levels. However, the upside move was protected by a major resistance near $1,000. Moreover, the 100 hourly simple moving average is also preventing gains near the $980 and $1,000 levels.

More importantly, there is a major connecting bearish trend line forming with resistance at $985 on the hourly chart of BCH/USD. The trend line resistance acted as a barrier and is currently preventing an upside break. On the downside, an initial support is around the 23.6% Fib retracement level of the wave from the $748 low to $1,021 high. There are many important supports on the downside if the pair fails near the $1,000 level. The most important one is near $880 and the 50% Fib retracement level of the wave from the $748 low to $1,021 high.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, a break and close above the $1,000 level could open the doors for more gains towards $1,100 in the near term. Above $1,100, the price may test $1,150.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is back above the 50 level and is moving north.

Major Support Level – $880

Major Resistance Level – $1,000

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.