Bitcoin Cash Price Technical Analysis – BCH/USD Remains Bearish

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price traded lower sharply and broke the $900 support level against the US Dollar.
There is a key connecting bearish trend line forming with resistance at $910 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair may continue to move down and it could soon test the $850 level in the near term.

Bitcoin cash price is in a bearish trend below $950 against the US Dollar. BCH/USD is likely to extend declines in the short term towards $850 and $800.

Bitcoin Cash Price Resistance

There were continuous declines in bitcoin cash price from the $960 swing high against the US Dollar. The price broke the $950 and $900 support levels to set the pace for more losses. More importantly, the price settled below the $900 level and is currently well below the 100 hourly simple moving average. It recently traded as low as $867 and it may correct a few points in the short term.

An initial resistance is near the 23.6% Fib retracement level of the last decline from the $990 swing high to $867 low. Moreover, there is a key connecting bearish trend line forming with resistance at $910 on the hourly chart of the BCH/USD pair. The same resistance area is positioned around the 38.2% Fib retracement level of the last decline from the $990 swing high to $867 low. Therefore, the price may continue to face sellers if it moves higher from the current levels towards $900 and $910.

On the downside, the recent low at $867 may not hold for long. A break below $867 will most likely call for a push towards the $850 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

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

Major Support Level – $850

Major Resistance Level – $910

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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