Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

Aayush Jindal | August 14, 2018 | 4:08 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

Aayush Jindal | August 14, 2018 | 4:08 am

Key Points

  • Bitcoin cash price failed to move past the $580-600 resistance and tumbled against the US Dollar.
  • There was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair traded below the $475 level and it is currently correcting higher towards $500-510.

Bitcoin cash price traded sharply lower below $500 against the US Dollar. BCH/USD could correct higher, but it remains sell on rallies near $510 and $530.

Bitcoin Cash Price Decline

Yesterday, bitcoin cash price made an attempt to break the $580 and $600 resistance levels against the US Dollar. The BCH/USD pair failed to move past $600, which resulted in a bearish reaction. The price dropped abruptly and broke many supports such as $550 and $520. It even settled below the $520 pivot level and the 100 hourly simple moving average.

Moreover, there was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair. The pair finally broke the $500 support and traded towards the $470 level. A new yearly low was formed at $472 and the price is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $594 high to $472 low. There is also a connecting bearish trend line in place with resistance at $510 on the same chart. Above the trend line, the next hurdle is near $530. It coincides with the 50% Fib retracement level of the last drop from the $594 high to $472 low.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price could correct a few points towards $500 and $510. However, upsides are likely to be capped near $510 and $530.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is slightly recovering from the oversold levels.

Major Support Level – $475

Major Resistance Level – $530

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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