Bitcoin Cash Price Technical Analysis – BCH/USD Dives Once Again

Key Points

  • Bitcoin cash price struggled to remain in the bullish zone and moved below $500 against the US Dollar.
  • There was a break below a major bullish trend line with support near $475 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is just holding the $410-420 support area, but remains at a risk of more losses.

Bitcoin cash price failed to gain pace against the US Dollar. BCH/USD broke a key support near $475 and now poised for more declines.

Bitcoin Cash Price Decline

This week we saw some positive moves in Bitcoin cash price above the $500 handle against the US Dollar. However, the price failed to maintain the bullish gains above the $520-500 levels and started a downside move. Yesterday, the price broke a key bullish trend line near $490 and recently it broke another major bullish trend line with support near $475 on the hourly chart of BCH/USD. It has opened the doors for further declines below $450.

The price also surpassed the 50% Fib retracement level of the last up move from the $300 low to $549 high. Therefore, there are high chances of further losses below $420 in the near term. The next support could be around the $400 level and the 61.8% Fib retracement level of the last up move from the $300 low to $549 high. On the upside, there is a bearish trend line forming with current resistance at $445.

Bitcoin Cash Price Technical Analysis BCH USD

As long as the price is below $445-450, it remains in the bearish zone. Selling rallies in the short term can be considered for a move towards $400.

Looking at the technical indicators:

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

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

Major Support Level – $400

Major Resistance Level – $450

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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