Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold $400?

Key Points

  • Bitcoin cash price faced an increased selling pressure and broke the $450 support against the US Dollar.
  • There was a break below this week’s highlighted descending channel pattern with support at $430 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is currently trading just around $400 and struggling to remain above the stated level.

Bitcoin cash price is under huge selling pressure along with BTC against the US Dollar. BCH/USD is likely to decline further below $400 in the short term.

Bitcoin Cash Price Decline

It is turning out to be a huge bearish week for major cryptos like BTC, ETH, ETC, XRP and Bitcoin cash price. BCH price was under heavy selling pressure and failed to hold the $500 and $450 support levels against the US Dollar. It corrected once towards the $540 level from $500, but sellers appeared. Later, the price broke $500, $450 and even traded below the $400 level.

There was even a break below this week’s highlighted descending channel pattern with support at $430 on the hourly chart of BCH/USD. It is clear bearish signal with the recent low at $387 as a minor support. There can be a short-term correction towards the $420 level, but upsides seem to be limited. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $540 high to $387 low. The broken channel support at $420 might also act as a hurdle for buyers.

Bitcoin Cash Price Technical Analysis BCH USD

Further above $420, the 50% Fib retracement level of the last decline from the $540 high to $387 low is at $460. Overall, selling rallies towards $420-440 might be considered in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly recovering, but well into the bearish zone.

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

Major Support Level – $385

Major Resistance Level – $420

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source:Read the official page


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