Bitcoin Cash Price Technical Analysis – BCH/USD Crashes Below $700

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price struggled to move higher and declined sharply below the $700 level against the US Dollar.
There are two key bearish trend lines forming with resistances near $750 and $850 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair may continue to struggle, and it could even trade towards $600 in the near term.

Bitcoin cash price faced a lot of heat and declined sharply against the US Dollar. BCH/USD even traded below he $700 level and it remains at a risk of more losses.

Bitcoin Cash Price Downside

There was a lot of increase in selling pressure, resulting in a push below the $750 support in bitcoin cash price against the US Dollar. The price declined heavily and even broke the $700 level. A low was formed at $679 from where a minor correction was initiated. At the moment, the price is well below the $750 level and the 100 hourly simple moving average.

There are many bearish signs on the chart with a daily close below $750. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $898 high to $679 low. More importantly, there are two key bearish trend lines forming with resistances near $750 and $850 on the hourly chart of the BCH/USD pair. The first trend line is very important since it is near $750 pivot level. Moreover, the 50% Fib retracement level of the last decline from the $898 high to $679 low is also around the trend line.

Therefore, any upsides are likely to be capped by the $720 and $750 levels. On the downside, the price may soon break the $650 level for more losses.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining downside momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now around the 30 level.

Major Support Level – $650

Major Resistance Level – $750

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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