Analysis Technical

BTC Cash Tech Analysis – BTC Cash Falls through Key Support Level

newsbtc | February 13, 2018 | 10:24 am
Bitcoin in EUR Background

BTC Cash Tech Analysis – BTC Cash Falls through Key Support Level

newsbtc | February 13, 2018 | 10:24 am

Key Highlights

  • Bitcoin Cash hit an intraday high $1,297.3 on Monday, before easing back ahead of the close to end the day up 5.26% at $1,275.
  • A bearish trend has formed through the early part of Tuesday, with Bitcoin Cash down 4.14% to $1,230.3 at the time of writing.
  • Bitcoin Cash tested its first major support level $1,232.6 in the early hours, falling to an intraday low $1,213, before moving back to $1,230.3.

Bitcoin Cash Price Support

Following Monday’s failed attempts to break through to $1,300 levels, Bitcoin Cash has been the worst performer amongst the major cryptocurrencies this morning, with a $1,285.2 intraday high being hit at the start of the day.

The pullback through the morning has seen Bitcoin Cash test its first major support level of $1,232.6, having fallen to an intraday low $1,213, with a bearish trend developing through the morning.

Bitcoin Cash fell through the 23.6% FIB Retracement of $1,237.17, with a lack of buyers pinning back a move back towards $1,300 levels hit during the weekend.

A failure to pull back through to $1,250 could see a further decline to test the next major support level sitting of $1,175.45, though we will expect some support at $1,200.

Sentiment towards the cryptomarket continues to pin back any major rally, with Bitcoin Cash and the rest of the cryptos unable to hold on to gains as investors continue to fret over what lies ahead for the market.

Regulatory updates continue to hit the news wires and, while much of the chatter is from smaller crypto jurisdictions, the main jurisdictions are unlikely to be far behind, with any major news likely to hit the markets hard over the near-term.

For Bitcoin Cash, another concern for investors will be the imminent launch of Litecoin’s LitePay, with the team has announced a launch date of 26th February. Investors will have to wait for launch to get a sense of how popular the payment platform will be, but it will more than likely test support for Bitcoin Cash near-term.

The support and resistance levels provide some guidance on where buyers and sellers may be concentrated, but as we have seen through much of the year, moves are likely to be news driven until the market settles.

Bitcoin Cash 4H Chart

Bitcoin Cash 4H Chart

Looking at the Technical Indicators

  • Major Support Level: $1,175.45
  • Major Resistance Level: $1,322.1
  • Fib 23.6% Retracement Level: $1,237.17
  • Fib 38% Retracement Level: $1,145.72
  • Fib 62% Retracement Level: $997.89
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.


Choose from the top online casinos
in UK and enjoy the fun!


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