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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis bitcoin cash
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Bitcoin Cash Price Analysis: BCH/USD Correcting Lower

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

Key Points

  • Bitcoin cash price formed a new monthly high at $829 before starting a downside correction against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair broke the $760 support area and is currently trading below the 100 hourly simple moving average.

Bitcoin cash price is correcting lower from well above $800 against the US Dollar. BCH/USD must stay above the $720 support area to avoid more declines.

Bitcoin Cash Price Resistance

There were further gains in bitcoin cash price above the $800 level against the US Dollar. The BCH/USD pair even broke the $820 resistance and traded to a new monthly high at $829. Later, it faced sellers and started a downside correction below $800. There was a substantial downside move and the price broke the 50% Fib retracement level of the last wave from the $716 low to $829 high.

During the decline, there was a break below a connecting bullish trend line with support at $770 on the hourly chart of the BCH/USD pair. The pair even broke a major support at $760 and settled below the 100 hourly simple moving average. At the moment, the price is trading near the 76.4% Fib retracement level of the last wave from the $716 low to $829 high. It may extend the current decline towards the last swing low of $716 or the $720 support.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price must stay above the $716-720 support zone. It holds a lot of importance and a break below it could put a lot of pressure on buyers. On the upside, the broken support at $760 may now act as a resistance.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 40 level.

Major Support Level – $720

Major Resistance Level – $760

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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