Analysis Technical

Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold Uptrend?

Aayush Jindal | February 28, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold Uptrend?

Aayush Jindal | February 28, 2018 | 4:08 am

Key Points

  • Bitcoin cash price is struggling to break the $1,280-90 resistance area against the US Dollar.
  • There is a short-term connecting bullish trend line forming with support at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair must stay above the $1,200 level to move further higher towards the $1,350 level.

Bitcoin cash price is facing a tough challenge below the $1,300 level against the US Dollar. BCH/USD has to gain strength above $1,280 to rise further.

Bitcoin Cash Price Trend

There was an attempt recently to move above the $1,280 and $1,290 resistance levels in bitcoin cash price against the US Dollar. However, the price faced a lot of sellers near $1,290 and it could not move above the $1,300 level. As a result, there was a downside move and the price broke the $1,250 support. There was also a break below the 23.6% Fib retracement level of the last wave from the $1,125 low to $1,282 high.

The downside move is currently finding support near $1,220. There is also a short-term connecting bullish trend line forming with support at $1,220 on the hourly chart of BCH/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $1,125 low to $1,282 high is acted as a support. If the pair fails to stay above the $1,220 level, it could test the 100 hourly simple moving average. An intermediate support is around the 50% Fib retracement level of the last wave from the $1,125 low to $1,282 high.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, a break above the $1,280-90 zone is needed for more gains. Above $1,290, the price may perhaps move above $1,300 for a test of $1,350.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now just below the 50 level.

Major Support Level – $1,220

Major Resistance Level – $1,280

 

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 best UK casinos
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.