Bitcoin Cash Price Technical Analysis – BCH/USD Reaching Support

Key Points

  • Bitcoin cash price after trading to a new high above $480 against the US Dollar found sellers.
  • There is a major ascending channel forming with support at $452 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is approaching the $450-452 support area and might find strong bids.

Bitcoin cash price is currently correcting lower against the US Dollar. BCH/USD is approaching the $450 support zone where buyers might emerge.

Bitcoin Cash Price Support

There were decent gains in Bitcoin cash price above $460 against the US Dollar. The price managed to break yesterday’s high and traded to a new high above $480. It almost tested the $500 handle with a high at $487.2. Later, a downside move was initiated and the price moved below the 50% Fib retracement level of the last wave from the $445 low $487 high.

However, the price is approaching a major support zone near $450. There is also a key ascending channel forming with support at $452 on the hourly chart of BCH/USD. Sellers managed to push the price below the 61.8% Fib retracement level of the last wave from the $445 low $487 high. Having said that, as long as the price is above the $450 support zone, it remains supported. The channel support near $452 could provide strong bids and it might result in bounce back.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, an initial resistance is near the $465 level. A break above $465 would take the price back towards the $485 level. On the downside, a break of the $450 support might result in further declines. In the mentioned case, the price could even retest $430.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just breached the 50 level.

Major Support Level – $450

Major Resistance Level – $485

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


シェアする

  • このエントリーをはてなブックマークに追加

フォローする

日本語に翻訳する