Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Could Recover To $500

Aayush Jindal | September 11, 2018 | 4:08 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: BCH/USD Could Recover To $500

Aayush Jindal | September 11, 2018 | 4:08 am

Key Points

  • Bitcoin cash price is holding the $460 support very well against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is still active with resistance near $475 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could move higher in the short term towards the $495 and $500 resistance levels.

Bitcoin cash price is trading above the recent low against the US Dollar. BCH/USD is likely to recover a few points towards $500 in the near term.

Bitcoin Cash Price Support

Yesterday, there was a minor recovery initiated from the $460 support in bitcoin cash price against the US Dollar. The BCH/USD pair moved above the $475 and $480 levels. However, the upside move was capped by the $490 resistance zone. Moreover, the price also failed to break the 50% Fib retracement level of the last slide from the $525 high to $460 swing low.

Later, the price declined back towards the $460 support zone where buyers reemerged. There was a fresh upward move from the $459 low and the price climbed above $470. The price also succeeded in clearing the 23.6% Fib retracement level of the recent drop decline from the $492 high to $459 low. However, the price is currently struggling to clear the $475 resistance. Additionally, yesterday’s highlighted key bearish trend line is still active with resistance near $475 on the hourly chart of the BCH/USD pair. It seems like the price may clear the $475 and $480 resistance levels to climb further in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price could move a few points higher, but it is likely to face a strong selling interest near the $490 and $500 resistance levels. On the downside, a break below $460 may push the price towards $450.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

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

Major Support Level – $460

Major Resistance Level – $500

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.