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technical analysis bitcoin cash

Bitcoin Cash Price Analysis: BCH/USD’s Recoveries Remain Capped

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

Key Points

  • Bitcoin cash price found support near the $460 level and recovered a few points against the US Dollar.
  • There is a connecting bearish trend line formed with resistance near $488 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $488 and $500 resistance levels to recover further in the near term.

Bitcoin cash price is struggling to gain traction above $500 against the US Dollar. BCH/USD may resume its downside once the current correction is over.

Bitcoin Cash Price Resistance

This past week, we saw nasty declines in bitcoin cash price below the $550 support against the US Dollar. The BCH/USD pair recently broke the $500 support area and traded as low as $461. Later, there was an upside correction initiated and the price moved above the $475 level. There was also a break above the 23.6% Fib retracement level of the last decline from the $526 high to $461 low.

However, the price is facing a strong resistance near the $490-500 zone. There is also a connecting bearish trend line formed with resistance near $488 on the hourly chart of the BCH/USD pair. Above the trend line, the 50% Fib retracement level of the last decline from the $526 high to $461 low is near $494. Moreover, the 100 hourly simple moving average is also positioned near the $500 level. Therefore, it seems like there is a strong resistance zone formed near the $490 and $500 levels.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price may correct a few points towards $500 in the short term. However, upsides are likely to be limited and the price may dive back towards the $460 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $460

Major Resistance Level – $500

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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