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Bitcoin Cash Price Technical Analysis BCH USD
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Bitcoin Cash Price Analysis: BCH/USD Correcting Lower 2018-07-09

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin cash price started a downside correction after trading above the $770 resistance against the US Dollar.
  • There was a break below a short-term declining channel with support at $755 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to test an important support around the $730 level in the near term.

Bitcoin cash price failed to break the $780 resistance against the US Dollar. BCH/USD is moving lower, but it could find support near $730-740.

Bitcoin Cash Price Support

There was a decent upside move above the $750 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair even traded above the $770 resistance. However, the pair failed to break the $780 resistance. As a result, there was a downside reaction. It declined below the 38.2% Fib retracement level of the last wave from the $709 low to $780 high.

During the decline, there was a break below a short-term declining channel with support at $755 on the hourly chart of the BCH/USD pair. The pair even cleared the $750 support and is currently testing the 100 hourly simple moving average. An initial support is near the 61.8% Fib retracement level of the last wave from the $709 low to $780 high at $736. The most important support is at $720-730, which was a resistance earlier. Below this, the price will most likely retest the $700 handle.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price could holds losses around the $730 support. On the upside, an initial resistance is near the $750 level. Above this, the next hurdles are at $755 and $770. Finally, the key barrier for more gains is at $780 before the all-important $800.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level with bearish signs.

Major Support Level – $730

Major Resistance Level – $755

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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