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technical analysis bitcoin cash
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Bitcoin Cash Price Analysis: BCH/USD Testing Crucial Resistance

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

Key Points

  • Bitcoin cash price declined further and traded towards the $650 level against the US Dollar.
  • There is a major bearish trend line in place with resistance at $765 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near a major resistance at $750-770, which is acting as a barrier for buyers.

Bitcoin cash price extended declines below $700 against the US Dollar. BCH/USD is currently correcting higher, but it is facing hurdles near $760.

Bitcoin Cash Price Resistance

There was an increase in selling pressure below $800 on bitcoin cash price against the US Dollar. The BCH/USD pair extended declines below the $750 and $700 levels. It traded towards the $650 level and formed a low at $664. Later, the price started an upside correction and moved above the $700 level. However, the price is still way below the $800 handle and the 100 hourly simple moving average.

The price moved above the 23.6% Fib retracement level of the last decline from the $905 high to $664 low. However, there are many hurdles for buyers near the $750-770 zone. More importantly, there is a major bearish trend line in place with resistance at $765 on the hourly chart of the BCH/USD pair. Additionally, the 50% Fib retracement level of the last decline from the $905 high to $664 low is near the $785 level. Therefore, the price has to surpass the $750, $770 and $785 resistance levels to overcome sellers near $800.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is struggling to move further higher above $770. As long as the price is below the $800 handle, there is a risk of more losses below $700 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

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

Major Support Level – $700

Major Resistance Level – $770

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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