Analysis Technical

Bitcoin Cash Price Analysis: Can BCH/USD Hold $620 Support?

Aayush Jindal | September 4, 2018 | 4:08 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: Can BCH/USD Hold $620 Support?

Aayush Jindal | September 4, 2018 | 4:08 am

Key Points

  • Bitcoin cash price is trading in a range above the $600 support against the US Dollar.
  • There is a new contracting triangle formed with support near $620 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could decline further below $620 to test the next support near the $600 level in the near term.

Bitcoin cash price is consolidating in a range against the US Dollar. BCH/USD is likely to visit the $600 support before it climbs back above $650.

Bitcoin Cash Price Range Support

During the past three sessions, there were mostly range moves below the $650 level in bitcoin cash price against the US Dollar. The BCH/USD pair corrected lower after trading as high as $660. It moved down and broke the 50% Fib retracement level of the last leg from the $600 low to $660 high. There was even a spike below the $620 support level, but later the price recovered.

It seems like the 76.4% Fib retracement level of the last leg from the $600 low to $660 high acted as a support near $615. The price recovered and started trading in a range above $620. More importantly, there is a new contracting triangle formed with support near $620 on the hourly chart of the BCH/USD pair. If the price fails to stay above the $620 support, there could be more losses towards the $600 support. Below this last, the price may perhaps trade towards the $590 level and the 100 hourly simple moving average.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is placed nicely in an uptrend above the $600 level. On the upside, buyers need to clear the triangle resistance at $650 to push the price above the $660 high.

Looking at the technical indicators:

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

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

Major Support Level – $620

Major Resistance Level – $650

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 best UK casinos
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.