Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price declined heavily towards $150 before recovering a few points against the US Dollar.
- There is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the $185, $190 and $200 resistance levels to move into a positive zone.
Bitcoin cash price tumbled and tested the $150 level against the US Dollar. BCH/USD is currently recovering, but it is facing a solid resistance near $185-190.
Bitcoin Cash Price Analysis
There was a sharp downside move from the $200 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined more than $50 and traded towards the $150 level. A new yearly low was formed at $147 and the price settled well below the 100 hourly simple moving average. Later, there was an upside correction and the price moved above $150 and $160.
There was a break above the 50% Fib retracement level of the last decline from the $209 high to $147 low. However, the upside move was capped by the $190 level, which was a support earlier. Moreover, there is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair. The pair was also rejected near the 61.8% Fib retracement level of the last decline from the $209 high to $147 low. The price started a fresh decline and it is currently trading below $180. To jump higher, the price must break the $185, $190 and $200 resistance levels.
Looking at the chart, BCH price could decline towards $165 and $160 if there is a break above the $185 and $190 resistances. Above $190, the next hurdles is at $200.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – $160
Major Resistance Level – $190
