Bitcoin Cash Price Analysis: BCH/USD’s Failed Upside Attempt

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price moved a few points above $700, but it failed to gain momentum against the US Dollar.
This week’s highlighted important bearish trend line was broken with resistance at $708 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair failed to gain traction and it could move back below $700 in the near term.

Bitcoin cash price failed to recover above $720 against the US Dollar. BCH/USD may perhaps resume its slide for more losses below $700.

Bitcoin Cash Price Support

Yesterday, there was a minor upside move initiated from the $688 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair tested the 76.4% Fib retracement level of the last wave from the $664 low to $780 high. Later, it started an upside move and traded above the $700 level. More importantly, this week’s highlighted important bearish trend line was broken with resistance at $708 on the hourly chart of the BCH/USD pair.

However, the price failed to gain momentum after it broke the trend line and $700. It also faced a strong resistance near the 38.2% Fib retracement level of the last drop from the $780 high to $688 low. Lastly, the 100 hourly simple moving average and the $720 resistance also stopped gains. The price is once again under pressure and it may perhaps break the $700 level. On the downside, supports are seen near the $688 and $665 levels.

Looking at the chart, the price has to move above the $720 resistance and the 100 hourly SMA. The 50% Fib retracement level of the last drop from the $780 high to $688 low is also at $734 to prevent gains. A successful close above $735-740 is needed for buyers to take control.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed above the 50 level.

Major Support Level – $688

Major Resistance Level – $735

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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