Analysis Technical

Bitcoin Cash Price Analysis – BCH/USD Correcting Higher

Aayush Jindal | February 22, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Analysis – BCH/USD Correcting Higher

Aayush Jindal | February 22, 2018 | 4:08 am

Key Points

  • Bitcoin cash price declined further and traded towards the $1,250 support against the US Dollar.
  • There is a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting higher, but it could face sellers near the $1,320 and $1,350 levels.

Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD declined towards $1,250 and it is currently correcting higher.

Bitcoin Cash Price Downtrend

Yesterday, there was no major correction in bitcoin cash price above the $1,400 level against the US Dollar. The price declined further and broke yesterday’s low of $1,312. It even traded below the $1,300 level and moved towards the $1,250 support. A new low was formed at $1,251 from where the price started a short-term upside correction.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,508 high to $1,251 low. There are many resistances on the upside and any major correction could face sellers near $1,350. To the topside, there is also a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD. The trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $1,508 high to $1,251 low. Therefore, if the price corrects higher further, it is likely to face sellers near the $1,300 and $1,320 level. Above $1,320, the next major upside hurdle is at $1,350.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,251 is a major support. It won’t be easy for sellers to break the $1,250 support zone. Below $1,250, the next support sits at $1,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is strongly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently correcting higher towards the 35 level.

Major Support Level – $1,250

Major Resistance Level – $1,320

 

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.