Analysis Technical

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,000

Aayush Jindal | March 9, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,000

Aayush Jindal | March 9, 2018 | 4:08 am

Key Points

  • Bitcoin cash price declined further and it broke the $1,000 support against the US Dollar.
  • There are two bearish trend lines forming with resistance near $1,040 and $1,080 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may continue to move down towards the $950 and $920 levels in the near term.

Bitcoin cash price remains in a major downtrend against the US Dollar. BCH/USD remains at a risk of more losses towards the $950 and $920 levels.

Bitcoin Cash Price Resistance

There was a slight correction of around $50-100 yesterday in bitcoin cash price against the US Dollar. However, the upside move was capped by the $1,100 level. The mentioned $1,100 was a buy zone earlier and it recently prevented an upside move. The price declined once again and it even broke a major support near $1,000 to move into a bearish zone.

It traded as low as $970 and it seems like it may decline further. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $1,109 high to $970 low. On the upside, there are many barriers near the $1,050 level. There are also two bearish trend lines forming with resistance near $1,040 and $1,080 on the hourly chart of BCH/USD. Furthermore, the 50% Fib retracement level of the last drop from the $1,109 high to $970 low is around $1,040.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, the $1,040 level may act as a major resistance on the upside. On the downside, the price will most likely retest the last swing low of $970. A break below the stated $970 level could push the price towards the next supports near $950 and $920.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 40 level.

Major Support Level – $950

Major Resistance Level – $1,040

 

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.