Analysis Technical

Bitcoin Cash Price Analysis: Can BCH/USD Hold $825?

Aayush Jindal | June 18, 2018 | 4:28 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: Can BCH/USD Hold $825?

Aayush Jindal | June 18, 2018 | 4:28 am

Key Points

  • Bitcoin cash price struggled to settle above the $900 level and declined against the US Dollar.
  • There is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently finding it hard to hold an important support area near $825.

Bitcoin cash price started a downside move after it was rejected from $900 against the US Dollar. BCH/USD must stay above $825 to avoid a bearish break.

Bitcoin Cash Price Trend

There was a recovery initiated in bitcoin cash price from the $799 low against the US Dollar. The price climbed above the $840 and $850 resistance levels to start a recovery. It even traded a few points above the $900 level before sellers appeared. There was no close above the $900 resistance, which resulted in a bearish reaction. BCH price declined sharply and moved below the $850 support area.

There was also a break below the 50% Fib retracement level of the last wave from the $799 low to $910 high. The downside move was such that the price closed below the $840 level and the 100 hourly simple moving average. At the moment, the price is holding an important support level at $825. It also coincides with the 76.4% Fib retracement level of the last wave from the $799 low to $910 high. Should there be a downside break below $825, the price may come under a lot of pressure. On the upside, there is a major bearish trend line formed with resistance at $850 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair is clearly at a risk of a downside break below $825 in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $825

Major Resistance Level – $850

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

Google play logo

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.