Bitcoin Cash Price Technical Analysis – BCH/USD Consolidating above $1,150

Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price is trading inside a range, but it is holding the $1,150 support area against the US Dollar.
  • There is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair has to move above the $1,250 and $1,350 levels to gain upside momentum.

Bitcoin cash price is currently consolidating above $1,150 against the US Dollar. BCH/USD must break a couple of key resistance such as $1,350 to trade further higher.

Bitcoin Cash Price Range

There was a short-term high formed around the $1,370 level in bitcoin cash price against the US Dollar. The price started a minor downside correction from the $1,370 high and declined below $1,300. There was also a break below the 23.6% Fib retracement level of the upside wave from the $935 low to $1,370 high. It opened the doors for more declines and the price tested the $1,150 support along with the 100 hourly simple moving average.

Moreover, the price almost tested the 50% Fib retracement level of the upside wave from the $935 low to $1,370 high. The mentioned $1,150 support is a major buy zone and it seems like the price is holding the stated level very well. At the moment, the price is trading inside a range above the $1,150 level. On the upside, there is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to move above the trend line and settle above $1,250 to retest the $1,300 level. Above $1,300, the price may retest the $1,350 resistance.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $1,150 support holds a lot of importance and it must hold to avoid further slides.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is attempting to move above the 50 level.

Major Support Level – $1,150

Major Resistance Level – $1,350

 

Charts courtesy – SimpleFX

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.

  • USindependent

    Check the correlation between bitmain miners being released and BCH price.. Feb 8, Bitmain released a new miner and they only take BCH as payment.


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