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Home Technical analysis

Bitcoin Cash Price Analysis: BCH/USD Tumbles, Sell on Rallies

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
Bitcoin Cash Price Technical Analysis BCH USD
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Key Points

  • Bitcoin cash price failed to move past the $580-600 resistance and tumbled against the US Dollar.
  • There was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair traded below the $475 level and it is currently correcting higher towards $500-510.

Bitcoin cash price traded sharply lower below $500 against the US Dollar. BCH/USD could correct higher, but it remains sell on rallies near $510 and $530.

Bitcoin Cash Price Decline

Yesterday, bitcoin cash price made an attempt to break the $580 and $600 resistance levels against the US Dollar. The BCH/USD pair failed to move past $600, which resulted in a bearish reaction. The price dropped abruptly and broke many supports such as $550 and $520. It even settled below the $520 pivot level and the 100 hourly simple moving average.

Moreover, there was a break below a key bullish trend line with support at $500 on the hourly chart of the BCH/USD pair. The pair finally broke the $500 support and traded towards the $470 level. A new yearly low was formed at $472 and the price is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $594 high to $472 low. There is also a connecting bearish trend line in place with resistance at $510 on the same chart. Above the trend line, the next hurdle is near $530. It coincides with the 50% Fib retracement level of the last drop from the $594 high to $472 low.

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Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price could correct a few points towards $500 and $510. However, upsides are likely to be capped near $510 and $530.

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 slightly recovering from the oversold levels.

Major Support Level – $475

Major Resistance Level – $530

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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