Analysis Technical

Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support

Aayush Jindal | March 6, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support

Aayush Jindal | March 6, 2018 | 4:08 am

Key Points

  • Bitcoin cash price was not able to move above the $1,280 and $1,290 resistance levels against the US Dollar.
  • There is a key bullish trend line forming with support at $1,225 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair could break the trend line support and $1,220 and may decline further in the near term.

Bitcoin cash price failed to move above $1,290 against the US Dollar. BCH/USD is currently moving lower and is testing a major support area near $1,220.

Bitcoin Cash Price Support

There was a decent upside move towards $1,280 and $1,290 yesterday in bitcoin cash price against the US Dollar. The price traded as high as $1,281 and it later faced sellers. It failed to move further higher and started a downside move below $1,270. It declined below the $1,250 support level and even settled below the 100 hourly simple moving average.

These are negative signs and it means that the price was rejected from the $1,280 level. At the moment, there is a key bullish trend line forming with support at $1,225 on the hourly chart of BCH/USD. The pair is testing the trend line support and is struggling to remain above $1,225. A break and close below the trend line could push the price towards the $1,200 level. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,281 high to $1,221 low.

Bitcoin Cash Price Technical Analysis BCH USD

However, the most important resistance is near $1,250. The stated $1,250 also coincides with the 50% Fib retracement level of the last decline from the $1,281 high to $1,221 low. Overall, the price remains at a risk of more declines below the $1,225 support.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 30 level.

Major Support Level – $1,225

Major Resistance Level – $1,250

 

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.