BUY BITCOIN
Key Points
- Bitcoin cash price is slowly declining and is currently well below $830 against the US Dollar.
- Yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must clear the $825-830 resistance and the 100 hourly simple moving average to gain pace.
Bitcoin cash price is currently bearish below $830 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to move into a bullish zone.
Bitcoin Cash Price Upside Hurdle
During the past three sessions, there was a steady decline from the $840 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair settled below the $830 level and the 100 hourly simple moving average, which is a bearish sign. Recently, the pair even broke the $800 support and formed a new intraday low at $785. Later, it recovered and moved above the 38.2% Fib retracement level of the last drop from the $840 high to $785 low.
However, the upside move was capped by the $815 level and the 100 hourly SMA. Moreover, there was no proper break above the 50% Fib retracement level of the last drop from $840 to $785. It seems like the price is struggling to break the 100 hourly SMA, which is currently at $815. Above this, yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair. Therefore, a close above the 100 hourly SMA and $825 is needed for more gains in the near term.
Looking at the chart, the price may perhaps move down if it fails to move above the $815 and $825 resistance levels. Supports are seen at $800 and $785.
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 placed near the 50 level.
Major Support Level – $800
Major Resistance Level – $825
