Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Approaching Next Break

Aayush Jindal | November 29, 2018 | 6:28 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: BCH/USD Approaching Next Break

Aayush Jindal | November 29, 2018 | 6:28 am

Key Points

  • Bitcoin cash price failed to break the $195 and $198 resistance levels against the US Dollar.
  • There is a crucial contracting triangle forming with resistance near $198 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to make the next move either above $198 or below $175 in the near term.

Bitcoin cash price is struggling to clear the $200 hurdle against the US Dollar. BCH/USD is approaching the next break either above $198-200 or towards $165.

Bitcoin Cash Price Analysis

There was a slow and steady rise from the $165 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $175 and $180 resistance levels to move into a positive zone. There was even a close above the $175 level and the 100 hourly simple moving average. However, the price struggled to clear the $198-200 resistance, which is a major hurdle for buyers.

A high was formed at $197 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the last wave from the $166 low to $197 high. The price is now approaching a strong support near the $178-180 zone. Moreover, there is a crucial contracting triangle forming with resistance near $198 on the hourly chart of the BCH/USD pair. The triangle support is near the 100 hourly SMA at $176. Besides, the 61.8% Fib retracement level of the last wave from the $166 low to $197 high is at $178. Therefore, the $175-178 area could act as a strong support for buyers in the short term.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price seems to be preparing for the next move either above $198 or below $175. Below $175, the price could revisit $165. And, a break above $200 may spark more gains towards $225.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD also declined below the 50 level.

Major Support Level – $175

Major Resistance Level – $198

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