Bitcoin Cash Price Technical Analysis – BCH/USD’s Short-term Downside

Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price is still consolidating in a range above the $1,150 support level against the US Dollar.
  • There was a break below a short-term contracting triangle with support at $1,245 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline toward the $1,150 support, which holds the key in the near term.

Bitcoin cash price is trading in a range and failed to move above $1,350 against the US Dollar. BCH/USD could decline in the short term, but remains supported above $1,150.

Bitcoin Cash Price Support

There were mostly range moves in bitcoin cash price above $1,150 during the past few sessions against the US Dollar. The price failed to move above the $1,350 level and made a minor downside move. It settled below the 23.6% Fib retracement level of the leg up from the $934 low to $1,371 high. It seems like the price is slightly struggling below the $1,250 level and the 100 hourly simple moving average.

It is slowly moving lower and traded below the $1,240 level. Moreover, there was a break below a short-term contracting triangle with support at $1,245 on the hourly chart of BCH/USD. The pair may decline further towards the lower end of the range near $1,150. The mentioned $1,150 support is a very important buy zone since it prevented declines on many occasions. It is also close to the 50% Fib retracement level of the leg up from the $934 low to $1,371 high.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, if the price corrects further the $1,170 and $1,150 levels are likely to act supports. On the upside, the price has to move above the $1,250 level to retest the $1,350 resistance area.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bearish zone, but with a flat structure.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just moved below 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.

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