Bitcoin Cash Price Technical Analysis – BCH/USD Approaching Support

Key Points

  • Bitcoin cash price after making a short-term top around $550 started a correction against the US Dollar.
  • One of the two bullish trend lines with support near $495 and $470 on the hourly chart of BCH/USD (data feed from Kraken) was broken.
  • The price is now approaching the second bullish trend line with current support around $470-465.

Bitcoin cash price is correcting lower against the US Dollar. It seems like BCH/USD is approaching a major support area near $470.

Bitcoin Cash Price Support

Yesterday, we saw how Bitcoin cash price traded towards the $550 level against the US Dollar. The price traded as high as $549 before finding sellers and starting a correction. During the downside move, there was a break below the 23.6% Fib retracement level of the last leg from the $301 low to $549 high. It cleared the path for more declines below $500 in the near term.

The most important break was below one of the two bullish trend lines with support near $495 and $470 on the hourly chart of BCH/USD. The price is now heading towards a key support area near $470. The second bullish trend line is near $470 along with the 38.2% Fib retracement level of the last leg from the $301 low to $549 high. The overall pattern looks corrective as long as the price stays above $470. If there is a break and close below $470, the price could trade further lower.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the next support lies around the 50% Fib retracement level of the last leg from the $301 low to $549 high at $426. On the upside, the $500 handle is an initial resistance followed by $525.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now in the bearish slope.

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

Major Support Level – $470

Major Resistance Level – $525

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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