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technical analysis bitcoin cash

Bitcoin Cash Price Analysis: BCH/USD Struggling Near $775

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

Key Points

  • Bitcoin cash price attempted an upside recovery and tested the $770-780 resistance against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $760, $770 and $775 resistance zone to gain traction in the near term.

Bitcoin cash price is struggling to break the $775 resistance against the US Dollar. BCH/USD may trade in a range before making an attempt to break $770-780.

Bitcoin Cash Price Upside Hurdle

There was a minor upside move above the $700 level in bitcoin cash price against the US Dollar. The BCH/USD pair managed to move above the $750 resistance zone and traded with a few bullish moves. There was a break above the 38.2% Fib retracement level of the last drop from the $904 high to $665 swing low. However, the price faced a strong resistance zone near $770-780, which prevented further gains.

More importantly, yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair. The 50% Fib retracement level of the last drop from the $904 high to $665 swing low is also acting as a resistance. Additionally, the 100 hourly simple moving average is positioned with the trend line and resistance near $760. Therefore, it seems like the price has to move above the $760, $770 and $775 resistance levels to recover further in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price may perhaps trade in a range below $780 for a few sessions. If there is a break above $775 and $780, there could be a nice drift above the $800 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $720

Major Resistance Level – $775

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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