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Home Technical analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
Bitcoin Cash Technical analysis
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Key Points

  • Bitcoin cash price struggled to move above the $1,500 resistance and moved down against the US Dollar.
  • There was a break below a key bullish trend line with support at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair declined and tested another crucial support near the $1,240 level.

Bitcoin cash price declined sharply below $1,300 against the US Dollar. BCH/USD must stay above the $1,240 support to avoid further downsides.

Bitcoin Cash Price Resistance

There was an attempt to break $1,500, but bitcoin cash price failed and moved down against the US Dollar. The price started a fresh downside move and declined below the $1,420 support level. There was also a break below the 61.8% Fib retracement level of the last wave from the $1,235 low to $1,481 high. It opened the doors for more losses and the price settled below $1,400 and the 100 hourly simple moving average.

More importantly, there was a break below a key bullish trend line with support at $1,400 on the hourly chart of the BCH/USD pair. The pair traded towards the last swing low and a crucial support at $1,240. Buyers appeared and the price started consolidating losses above $1,240. An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $1,481 high to $1,240 low. However, the previous support near $1,400 may perhaps act as a strong resistance on the upside.

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Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, the 100 hourly simple moving average is positioned at $1,405 to act as a barrier for buyers. On the downside, the $1,240 support holds a lot of importance. BCH should stay above $1,240 to avoid further losses in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels.

Major Support Level – $1,240

Major Resistance Level – $1,400

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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