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Home Technical analysis

Bitcoin Cash Price Analysis: BCH/USD Correcting Lower

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin cash
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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.

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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 with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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