Bitcoin Cash Price Technical Analysis BCH USD

Bitcoin Cash Price Technical Analysis – BCH/USD Could Decline Further

Avatar Aayush Jindal 1 year ago

Key Points

  • Bitcoin cash price is under a lot of pressure and is trading well below the $700 level against the US Dollar.
  • There is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above $660 and $700 to start a fresh upward wave in the near term.

Bitcoin cash price declined heavily and tested the $625 level against the US Dollar. BCH/USD remains at a risk of more losses as long as it is below $660.

Bitcoin Cash Price Decline

There was a massive drop in bitcoin cash price below the $700 support level against the US Dollar. The price declined and traded below the $650 level. A low was formed near the $625 level from where a minor upside correction was initiated. At the moment, the price is trading near the 23.6% Fib retracement level of the last downside move from the $707 high to $625 low.

More importantly, there is a major bearish trend line forming with current resistance at $660 on the hourly chart of the BCH/USD pair. The pair has to move above the $660 level to start an upside move in the short term. The next resistance could be the 50% Fib retracement level of the last downside move from the $707 high to $625 low at $696. However, the most important resistance is near the $700 level and the 100 hourly simple moving average. A break and close above the $700 level and the 100 hourly SMA is needed for more gains.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low near $625 is tiny support followed by the $600 handle.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently showing tiny recovery signs.

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

Major Support Level – $625

Major Resistance Level – $700

 

Charts courtesy – Trading View

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