Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price corrected higher but it failed to break the $945 resistance against the US Dollar.
- There is a major bearish trend line forming with resistance near $965 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair may continue to trade in a range below the $950 level as long as there is no close above $965.
Bitcoin cash price is struggling to break a major hurdle near $945-950 against the US Dollar. BCH/USD remains at a risk of more losses until it is below $965.
Bitcoin Cash Price Resistance
After a major decline yesterday, there was a minor correction initiated from $865 in bitcoin cash price against the US Dollar. The price corrected higher and moved above the $900 level. There was also a break above the 23.6% Fib retracement level of the last downside move from the $1,069 high to $867 low. However, the price failed to break a major resistance near $945-950.
The mentioned $945-950 zone was a support earlier, and now it is acting as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $1,069 high to $867 low also acted as a resistance. Above $950, there is a major bearish trend line forming with resistance near $965 on the hourly chart of the BCH/USD pair. Therefore, we can say that there is a crucial resistance zone forming between $945 and $965. As long as the price is below $965, it may continue to struggle to move higher.
On the downside, the $900 level is a decent support. A break below the $900 support would call for a retest of the last low at $867.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.
Major Support Level – $900
Major Resistance Level – $950
Charts courtesy – Trading View