Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Crash Could Gain Pace Below $400

Aayush Jindal | November 15, 2018 | 7:30 am
Bitcoin Cash Price Technical Analysis BCH USD
Analysis

Bitcoin Cash Price Analysis: BCH/USD Crash Could Gain Pace Below $400

Aayush Jindal | November 15, 2018 | 7:30 am

Key Points

  • Bitcoin cash price crashed and declined more than $100 towards the $400 level against the US Dollar.
  • There is a major bearish trend line in place with resistance at $470 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently consolidating above the $400 level and it could correct a few points in the near term.

Bitcoin cash price declined heavily below $450 against the US Dollar. BCH/USD tested the $400 support and it is currently consolidating losses.

Bitcoin Cash Price Analysis

Yesterday, we discussed chances of more declines below the $500 support in bitcoin cash price against the US Dollar. The BCH/USD pair did move down and broke the $500 and $480 support levels. The decline was nasty as the price dropped by around $100 and traded close to the $400 support. A new low was formed at $404 and the price is currently consolidating losses.

An initial resistance on the upside is $435. It represents the 23.6% Fib retracement level of the recent decline from the $538 high to $404 low. At the moment, it seems like a decent recovery is very unlikely above $435 and $440. Above $440, there is a major bearish trend line in place with resistance at $470 on the hourly chart of the BCH/USD pair. It also coincides with the 50% Fib retracement level of the recent decline from the $538 high to $404 low. On the other hand, if the price continues to move down, it could break the $400 support.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price remains in a major downtrend below the $470 and $500 resistances. If sellers push the price below $400, there could be another sharp decline towards $350.

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 moving higher toward the 40 level.

Major Support Level – $400

Major Resistance Level – $435

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.