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Bitcoin Cash Price Technical Analysis BCH USD

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Down

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

Key Points

  • Bitcoin cash price declined sharply and broke a major support area near $1,450 against the US Dollar.
  • There was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair traded as low as $1,312 and it is currently correcting higher.

Bitcoin cash price has moved back into the bearish zone against the US Dollar. BCH/USD is likely to face sellers on the upside near $1,450 and $1,500.

Bitcoin Cash Price Resistance

There were no further gains in bitcoin cash price above the $1,600 level against the US Dollar. The price started a downside move from well above $1,550 and broke many important support levels. It even traded below the $1,500 support and settled below the 100 hourly simple moving average. The decline looks real below $1,500 and it seems like the price has moved back into the bearish zone.

During the downside move, there was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD. The pair even broke the $1,400 level and traded close to $1,300. A low was formed near $1,312 before the price started an upside correction. It traded a few points above the 23.6% Fib retracement level of the last decline from the $1.538 high to $1,312 low. However, it seems like the price is struggling to correct further above $1,400 and it could decline once again.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,312 is a short-term support. Once there is a close below $1,312 and $1,300, there could be further declines. On the upside, the $1,400 and $1,450 levels are important resistances.

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 has reached the oversold levels with bearish signs.

Major Support Level – $1,300

Major Resistance Level – $1,450

 

Charts courtesy – SimpleFX

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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