Bitcoin Cash Price Analysis: BCH/USD Struggling Below $760

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price failed to remain above the $760 support and declined against the US Dollar.
There was a break below a key bullish trend line with support at $748 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently holding the $720 support, but it may struggle to gain upside momentum.

Bitcoin cash price declined below $760 against the US Dollar. BCH/USD must stay above the $720 support to avoid more declines in the near term.

Bitcoin Cash Price Decline

There were a couple of rejections noted around the $760-770 zone in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and declined below the $750 support. There was even a close below the $750 pivot level and the 100 hourly simple moving average. These are negative signs and suggests that the price is struggling to move above $770.

During the decline, there was a break below a key bullish trend line with support at $748 on the hourly chart of the BCH/USD pair. The pair traded close to the $720 support and is currently trading in a range. It recently tested the 23.6% Fib retracement level of the last drop from the $810 high to $716 low. However, there is a strong resistance forming near the $750 level. Moreover, a bearish trend line is in place with resistance at $750. Therefore, a break above $750 is needed for a recovery in BCH.

Looking at the chart, the price must stay above the $720 support. If not, there is a risk of more declines towards the $700 level in the near term. On the upside, above $750, the next hurdle is at $770 and the 100 hourly SMA.

Looking at the technical indicators:

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

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

Major Support Level – $720

Major Resistance Level – $750

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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