Bitcoin Cash Price Analysis: BCH/USD Consolidating Below $1,500

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price failed to break the $1,500 resistance and continues to trade in a range against the US Dollar.
There is a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to consolidate in a range below $1,500 before making the next move.

Bitcoin cash price is currently consolidating below $1,500 against the US Dollar. BCH/USD must stay above the $1,400 and $1,360 support levels to remain in a bullish zone.

Bitcoin Cash Price Upside Hurdle

There were a couple of swing moves in bitcoin cash price above the $1,360 support level against the US Dollar. The price attempted to move above the $1,500 resistance on a couple of occasions. However, buyers failed to gain upside momentum above $1,500. It seems like the price is struggling to clear a strong sell wall near $1,500 and is currently following the 100 hourly simple moving average.

It recently traded as high as $1,493 before starting a downside correction. It moved down below the 38.2% Fib retracement level of the last leg from the $1,331 low to $1,493 high. However, the downside move was limited by the $1,400 support area. There is also a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair. Moreover, the 61.8% Fib retracement level of the last leg from the $1,331 low to $1,493 high also acted as a support during the recent slide.

Looking at the chart, the price must settle above the $1,440 resistance and the 100 hourly SMA to gain momentum. A successful close above 100 hourly SMA could open the doors for a break above the $1,500 resistance in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently flat in the bearish zone.

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

Major Support Level – $1,400

Major Resistance Level – $1,500

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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