Bitcoin Cash Price Technical Analysis – BCH/USD Breaks $1,200

Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the oversold levels.

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX


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Key Points

  • Bitcoin cash price declined further and traded towards the $1,250 support against the US Dollar.
  • There is a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting higher, but it could face sellers near the $1,320 and $1,350 levels.

Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD declined towards $1,250 and it is currently correcting higher.

Bitcoin Cash Price Downtrend

Yesterday, there was no major correction in bitcoin cash price above the $1,400 level against the US Dollar. The price declined further and broke yesterday’s low of $1,312. It even traded below the $1,300 level and moved towards the $1,250 support. A new low was formed at $1,251 from where the price started a short-term upside correction.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,508 high to $1,251 low. There are many resistances on the upside and any major correction could face sellers near $1,350. To the topside, there is also a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD. The trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $1,508 high to $1,251 low. Therefore, if the price corrects higher further, it is likely to face sellers near the $1,300 and $1,320 level. Above $1,320, the next major upside hurdle is at $1,350.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,251 is a major support. It won’t be easy for sellers to break the $1,250 support zone. Below $1,250, the next support sits at $1,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is strongly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently correcting higher towards the 35 level.

Major Support Level – $1,250

Major Resistance Level – $1,320

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price declined sharply and broke a major support area near $1,450 against the US Dollar.
  • There was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair traded as low as $1,312 and it is currently correcting higher.

Bitcoin cash price has moved back into the bearish zone against the US Dollar. BCH/USD is likely to face sellers on the upside near $1,450 and $1,500.

Bitcoin Cash Price Resistance

There were no further gains in bitcoin cash price above the $1,600 level against the US Dollar. The price started a downside move from well above $1,550 and broke many important support levels. It even traded below the $1,500 support and settled below the 100 hourly simple moving average. The decline looks real below $1,500 and it seems like the price has moved back into the bearish zone.

During the downside move, there was a break below two bullish trend lines at $1,505 and $1,450 on the hourly chart of BCH/USD. The pair even broke the $1,400 level and traded close to $1,300. A low was formed near $1,312 before the price started an upside correction. It traded a few points above the 23.6% Fib retracement level of the last decline from the $1.538 high to $1,312 low. However, it seems like the price is struggling to correct further above $1,400 and it could decline once again.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,312 is a short-term support. Once there is a close below $1,312 and $1,300, there could be further declines. On the upside, the $1,400 and $1,450 levels are important resistances.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has reached the oversold levels with bearish signs.

Major Support Level – $1,300

Major Resistance Level – $1,450

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price is trading above the $1,500 support and is preparing for the next move against the US Dollar.
  • There is a short-term contracting triangle forming with resistance at $1,540 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is likely to break the triangle resistance at $1,540 and make the next move.

Bitcoin cash price is stable above the $1,500 support against the US Dollar. BCH/USD may continue to rise in the short term towards $1,600 and $1,650.

Bitcoin Cash Price Support

There was a slow and steady rise above the $1,450 level in bitcoin cash price against the US Dollar. The price moved above the $1,500 level and is currently trading comfortably above the stated level. Moreover, the price is above the $1,510 pivot level and the 100 hourly simple moving average. After the last decline to $1,381, the price recovered and moved above the 50% Fib retracement level of the last drop from the $1,615 swing high to $1,380 low.

However, there is a major resistance near the $1,540-1,550 levels. There is also a short-term contracting triangle forming with resistance at $1,540 on the hourly chart of BCH/USD. The pair may continue to trade in a range above $1,500 before it makes the next move. A successful close above the 61.8% Fib retracement level of the last drop from the $1,615 swing high to $1,380 low could open the doors for more gains. A break and close above the $1,550 level could clear the path for a push towards $1,600.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $1,500 level remains a major support. A break below it could ignite more losses towards $1,400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level with a flat structure.

Major Support Level – $1,500

Major Resistance Level – $1,550

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price after a nice upside move found sellers near the $1,600 level against the US Dollar.
  • There was a break below a short-term bullish trend line with support at $1,520 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently holding the $1,400 support, but it may remain under pressure for some time.

Bitcoin cash price lost momentum above $1,600 against the US Dollar. BCH/USD is currently correcting lower and is showing a few bearish signs.

Bitcoin Cash Price Resistance

There were decent gains this past week above $1,500 in bitcoin cash price against the US Dollar. The price traded above the $1,550 and $1,600 levels. However, the price was not able to maintain momentum above $1,600 and started a downside move. A high was formed at $1,617 and later the price corrected below $1,550. It also moved below the $1,400 support and the 100 hourly simple moving average.

Moreover, there was a break below a short-term bullish trend line with support at $1,520 on the hourly chart of BCH/USD. Later, the pair recovered and moved above the $1,400 level and the 100 hourly SMA. It corrected above the 23.6% Fib retracement level of the last decline from the $1,617 high to $1,381 low. However, the upside move failed near the $1,500 level. BCH price could not move above the $1,500 level and is currently trading in a bearish zone.

Bitcoin Cash Price Technical Analysis BCH USD

The 50% Fib retracement level of the last decline from the $1,617 high to $1,381 low was tested recently. It means the price completed an upside correction and it may decline once again towards or below $1,400. Below $1,400, the price mat decline towards $1,320.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved below the 50 level and is showing bearish signs.

Major Support Level – $1,400

Major Resistance Level – $1,500

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price gained heavily this past week and moved above $1,400 against the US Dollar.
  • There is a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair may decline a few points in the short term, but it remains supported near $1,450 and $1,400.

Bitcoin cash price is trading nicely in the bullish zone above $1,400 against the US Dollar. BCH/USD is likely to remain in an uptrend with resistances at $1,600 and $1,750.

Bitcoin Cash Price Support

There were decent gains from the $1,180 this past week in bitcoin cash price against the US Dollar. The price gained heavy bullish momentum and it was able to move above the $1,200 and $1,400 resistance levels. It even traded above the $1,500 level and formed a high near $1,617. At the moment, the price is correcting lower, but it remains supported on the downside above $1,400.

An initial support is around the 23.6% Fib retracement level of the last wave from the $1,186 low to $1,617 high. There is also a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair. The pair is currently showing a few bearish signs, but there are many supports on the downside at $1,450 and $1,400. The mentioned $1,400 is significant since it is the 50% Fib retracement level of the last wave from the $1,186 low to $1,617 high.

Bitcoin Cash Price Weekly Analysis BCH USD

Therefore, any major dips from the current levels are likely to find bids near $1,400. On the upside, a break above the $1,600 level is needed for a test of the $1,700 level, followed by $1,750.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 70 level.

Major Support Level – $1,400

Major Resistance Level – $1,750

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price surged higher and it was able to break the $1,400 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently correcting lower, but it remains well supported on the downside at $1,380.

Bitcoin cash price is gaining upside momentum above $1,400 against the US Dollar. BCH/USD may correct in the short term, but it remains in an uptrend.

Bitcoin Cash Price Uptrend

There were continuous gains in bitcoin cash price from the $1,300 swing low against the US Dollar. The price was able to move above two important resistance levels at $1,365 and $1,380. It cleared the path for an upside push above the $1,400 resistance. There was a major upside move and the price even traded above the $1,450 level and formed a high near $1,476.

A downside correction is underway from the $1,476 high, but the price is well above the 100 hourly simple moving average. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,295 low to $1,476 high. There is also a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD. The pair remains well supported on the downside around the $1.400 and $1,380 levels. Moreover, the 50% Fib retracement level of the last wave from the $1,295 low to $1,476 high is around $1,385.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, the $1,380-1,400 levels are decent supports. On the upside, the price may resume it uptrend above the $1,460 level. Above the recent high of $1,476, the price could even break the $1,500 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is correcting lower from the overbought levels.

Major Support Level – $1,380

Major Resistance Level – $1,475

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price traded above the $1,280 level, but it failed near $1,365 against the US Dollar.
  • There is a short-term connecting bullish trend line forming with support at $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • On the upside, the pair has to break the $1,365-1,370 resistance to gain bullish momentum.

Bitcoin cash price is trading with a positive bias against the US Dollar. However, BCH/USD is finding it difficult to break an important resistance near $1,365.

Bitcoin Cash Price Upside Hurdle

There was a decent upside move initiated in bitcoin cash price from the $1,190 low against the US Dollar. The price started moving higher and broke the $1,250 and $1,280 resistance levels. More importantly, it also broke the $1,300 resistance and settled above the 100 hourly simple moving average. BCH price even traded above the $1,350 level, but it struggled to move above the $1,365 level. The stated $1,365 level acted as a resistance earlier as well and it currently preventing gains.

At the moment, the price is correcting lower towards $1,300. It has moved below the 23.6% Fib retracement level of the leg from the $1,189 low to $1,365 high. Moreover, there is a short-term connecting bullish trend line forming with support at $1,280 on the hourly chart of BCH/USD. The trend line support is also around the 38.2% Fib retracement level of the leg from the $1,189 low to $1,365 high. Most importantly, the broken resistance at $1,280 may now act as a support.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the price has to move above the $1,365 and $1,370 level to gain momentum. Above $1,370, the price could easily move above $1,400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower, but it is currently well above the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,365

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price is well supported above the $1,160-1,180 support area against the US Dollar.
  • Buyers are attempting an upside break above a bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may rise in the short term towards the $1,300 and $1,325 resistance levels.

Bitcoin cash price is positioned nicely above the $1,160 support area against the US Dollar. BCH/USD may slowly gain pace and move higher towards the $1,350 level.

Bitcoin Cash Price Consolidation

It seems like bitcoin cash price is consolidating above the $1,160 support level against the US Dollar. There were a couple of attempts to break the $1,150-60 support zone, but sellers failed. The price remained above the 38.2% Fib retracement level of the move from the $934 low to $1,368 high. The downside seems to be limited since the price is trading nicely above the $1,160-1,180 support area.

At the moment, the price is moving higher above $1,250 and the 100 hourly simple moving average. Moreover, the BCH/USD pair is attempting an upside break above a bearish trend line with resistance at $1,250 on the hourly chart. There is also another trend line positioned on the chart at $1,300. Therefore, once there is a break above the $1,300 level, the price could trade further higher. An immediate resistance is around the $1,325 level. However, the most important resistance is around the $1,350-1,360 zone.

Bitcoin Cash Price Technical Analysis BCH USD

As long as the price is below the $1,360 level, it may continue to consolidate. On the downside, $1,160 support zone holds a lot of significance for further declines in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving from the bearish to bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is rising and it has just moved above the 50 level.

Major Support Level – $1,160

Major Resistance Level – $1,350

 

Charts courtesy – SimpleFX

Key Highlights

  • Bitcoin Cash hit an intraday high $1,297.3 on Monday, before easing back ahead of the close to end the day up 5.26% at $1,275.
  • A bearish trend has formed through the early part of Tuesday, with Bitcoin Cash down 4.14% to $1,230.3 at the time of writing.
  • Bitcoin Cash tested its first major support level $1,232.6 in the early hours, falling to an intraday low $1,213, before moving back to $1,230.3.

Bitcoin Cash Price Support

Following Monday’s failed attempts to break through to $1,300 levels, Bitcoin Cash has been the worst performer amongst the major cryptocurrencies this morning, with a $1,285.2 intraday high being hit at the start of the day.

The pullback through the morning has seen Bitcoin Cash test its first major support level of $1,232.6, having fallen to an intraday low $1,213, with a bearish trend developing through the morning.

Bitcoin Cash fell through the 23.6% FIB Retracement of $1,237.17, with a lack of buyers pinning back a move back towards $1,300 levels hit during the weekend.

A failure to pull back through to $1,250 could see a further decline to test the next major support level sitting of $1,175.45, though we will expect some support at $1,200.

Sentiment towards the cryptomarket continues to pin back any major rally, with Bitcoin Cash and the rest of the cryptos unable to hold on to gains as investors continue to fret over what lies ahead for the market.

Regulatory updates continue to hit the news wires and, while much of the chatter is from smaller crypto jurisdictions, the main jurisdictions are unlikely to be far behind, with any major news likely to hit the markets hard over the near-term.

For Bitcoin Cash, another concern for investors will be the imminent launch of Litecoin’s LitePay, with the team has announced a launch date of 26th February. Investors will have to wait for launch to get a sense of how popular the payment platform will be, but it will more than likely test support for Bitcoin Cash near-term.

The support and resistance levels provide some guidance on where buyers and sellers may be concentrated, but as we have seen through much of the year, moves are likely to be news driven until the market settles.

Bitcoin Cash 4H Chart
Bitcoin Cash 4H Chart

Looking at the Technical Indicators

  • Major Support Level: $1,175.45
  • Major Resistance Level: $1,322.1
  • Fib 23.6% Retracement Level: $1,237.17
  • Fib 38% Retracement Level: $1,145.72
  • Fib 62% Retracement Level: $997.89