Analysis Technical

Bitcoin Cash Price Analysis – BCH/USD Facing Key Resistance

Aayush Jindal | February 15, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Analysis – BCH/USD Facing Key Resistance

Aayush Jindal | February 15, 2018 | 4:08 am

Key Points

  • Bitcoin cash price traded above the $1,280 level, but it failed near $1,365 against the US Dollar.
  • There is a short-term connecting bullish trend line forming with support at $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • On the upside, the pair has to break the $1,365-1,370 resistance to gain bullish momentum.

Bitcoin cash price is trading with a positive bias against the US Dollar. However, BCH/USD is finding it difficult to break an important resistance near $1,365.

Bitcoin Cash Price Upside Hurdle

There was a decent upside move initiated in bitcoin cash price from the $1,190 low against the US Dollar. The price started moving higher and broke the $1,250 and $1,280 resistance levels. More importantly, it also broke the $1,300 resistance and settled above the 100 hourly simple moving average. BCH price even traded above the $1,350 level, but it struggled to move above the $1,365 level. The stated $1,365 level acted as a resistance earlier as well and it currently preventing gains.

At the moment, the price is correcting lower towards $1,300. It has moved below the 23.6% Fib retracement level of the leg from the $1,189 low to $1,365 high. Moreover, there is a short-term connecting bullish trend line forming with support at $1,280 on the hourly chart of BCH/USD. The trend line support is also around the 38.2% Fib retracement level of the leg from the $1,189 low to $1,365 high. Most importantly, the broken resistance at $1,280 may now act as a support.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the price has to move above the $1,365 and $1,370 level to gain momentum. Above $1,370, the price could easily move above $1,400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower, but it is currently well above the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,365

 

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.

Casinos

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

Read More  ›

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