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Bitcoin Cash Price Technical Analysis BCH USD

Bitcoin Cash Price Technical Analysis – BCH/USD Under Pressure 2017-08-04

Aayush Jindal by Aayush Jindal
6 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin cash price extended its decline and now positioned below $400 against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $400 on the hourly chart (data feed from Kraken) of BCH/USD.
  • The price may decline further in the short term, but the $350 level is a decent support.

Bitcoin cash price started a downtrend against the US Dollar. BCH/USD is trading below $400 and struggling to gains bids.

Bitcoin Cash Price Resistance

Yesterday, we saw a break below a major bullish trend line at $460-450 on the hourly chart of Bitcoin cash price vs the US Dollar. Later, the price corrected higher towards $580. However, the upside move faced sellers and the price moved down below $500. The failure was from the 50% Fib retracement level of the last decline from the $811.00 high to $303.00 low.

The price is currently moving lower and trading below $500. It has already broke the 50% Fib retracement level of the last wave from the $303.00 low to $583.91 high. So, there are chances of more declines as long as the price is below $500. On the upside, there is a new connecting bearish trend line forming with resistance at $400 on the hourly chart of BCH/USD. Once there is a break below the 76.4% Fib retracement level of the last wave from the $303.00 low to $583.91 high, there can be a test of $350.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, a clear break and close above $400 would call for a test of $500. In the short term, there can be swing moves between $350-500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone and struggling.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 50 level, and slowly moving lower.

Major Support Level – $350

Major Resistance Level – $400

 

Charts courtesy – Trading View, Kraken

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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