Bitcoin Cash Price Technical Analysis – BCH/USD Struggle Continues

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price failed to correct above the $680 level and declined against the US Dollar.
There was a break below a short-term ascending channel with support at $665 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair may continue to move down and it could retest the $650 support level in the near term.

Bitcoin cash price is struggling to move above the $680 level against the US Dollar. BCH/USD is likely to resume its downside below the $660 level.

Bitcoin Cash Price Resistance

There was a minor upside correction initiated yesterday from the $625 swing low in bitcoin cash price against the US Dollar. The price moved above the $650 resistance to correct higher. It also broke the 23.6% Fib retracement level of the last decline from the $708 swing high to $625 low. Later, it started following a decent bullish path above the $640 level.

However, the price could not gain momentum above the $680 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $708 swing high to $625 low also acted as a resistance for buyers. As a result, there was a downside reaction below the $670 level. More importantly, there was a break below a short-term ascending channel with support at $665 on the hourly chart of the BCH/USD pair. The pair is now trading well below the $680 resistance and it remains at a risk of more losses.

If the pair continue to move down, it could retest the $650 level. Below $650, the price may even retest the last swing low of $625 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is showing a few tiny bullish signs above 40.

Major Support Level – $650

Major Resistance Level – $680

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.

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