Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price extended losses and traded below the $400 level against the US Dollar.
- There are two key bearish trend lines in place with resistance at $420 and $450 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains at a risk of more losses below the $360 level in the near term.
Bitcoin cash price traded below the key $400 support against the US Dollar. BCH/USD could correct higher, but sellers are likely to appear near $420 or $450.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price could extend losses below $400 against the US Dollar. The BCH/USD pair corrected a few points recently, but it failed to break the $450 resistance. Later, there was a sharp downside move and the price declined below the $420 and $400 supports. A new low was formed at $360 and the price is now trading well below the 100 hourly simple moving average.
At the moment, the price is consolidating losses around the $380 level. It seems like the 23.6% Fib retracement level of the last slide from the $451 high to $360 low is acting as a resistance. Moreover, there are two key bearish trend lines in place with resistance at $420 and $450 on the hourly chart of the BCH/USD pair. The first bearish trend line coincides with the 50% Fib retracement level of the last slide from the $451 high to $360 low. Therefore, the $400-405 zone could prevent gains in the near term.
Looking at the chart, BCH price could correct a few points above $390. However, buyers are likely to struggle near $400, $405, $420 and finally $450. On the downside, the next target for sellers could be $350.
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 currently flat near the 40 level.
Major Support Level – $360
Major Resistance Level – $405