Key Points
- Bitcoin cash price after trading as high as $467 found sellers against the US Dollar and moved lower.
- There is a bullish trend line forming with support near $440-430 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains supported on dips as long as it stays above the $430 level.
Bitcoin cash price is correcting lower against the US Dollar. BCH/USD remains in a decent uptrend as long as the pair is above the $430 level.
Bitcoin Cash Price Support
Yesterday, there was a move close to the $470 level in Bitcoin cash price against the US Dollar. The price traded as high as $467 from where it started a downside correction. It has moved down a bit and already broke the 23.6% Fib retracement level of the last wave from the $414 low to $467 high. However, there are many support levels on the downside such as $440 waiting to stop losses in the near term.
The pair already tested once the 50% Fib retracement level of the last wave from the $414 low to $467 high and found support. Moreover, there is a bullish trend line forming with support near $440-430 on the hourly chart of BCH/USD. The trend line support near $430 is very important for the current wave. Only a break and close below $430 could ignite further losses and take the price towards $400.
If buyers manage to contain losses below $430, there is a chance of BTC recovering once again. On the upside, an initial resistance sits at $455, followed by the recent high of $467. One might consider buying dips towards $430 in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is about to the reach the oversold levels.
Major Support Level – $430
Major Resistance Level – $455
Charts courtesy – Trading View, Kraken
