Bitcoin Cash Price Technical Analysis – BCH/USD Approaching Short-term Break

Key Points

  • Bitcoin cash price is consolidating above the $320 support area against the US Dollar.
  • There is a short-term contracting triangle forming with resistance near $335 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might dip once more before moving higher above the $330-340 levels.

Bitcoin cash price is moving in a range above $320 against the US Dollar. BCH/USD needs to gain pace above $335 to avoid near-term declines.

Bitcoin Cash Price Resistance

Yesterday, we saw how after a sharp decline Bitcoin cash price held the $310-300 support area against the US Dollar. The price recovered above $330, but failed to move above the 50% Fib retracement level of the last drop from the $401 high to $305 low. The upside move was limited and the price started trading in a range below the $350 level.

It has moved down and settled below the 50% Fib retracement level of the last wave from the $305 low to $359 high. However, the downside move was limited by the $320 support and the 61.8% Fib retracement level of the last wave from the $305 low to $359 high. It seems like there is a short-term contracting triangle forming with resistance near $335 on the hourly chart of BCH/USD. The pair might continue to trade in a range above $320 for the next few hours.

Bitcoin Cash Price Technical Analysis BCH USD

Later, it could make a small dip towards $320-315 before starting a new upside wave. On the downside, there is a major support forming near $310-300. A break below $300 won’t be easy and the price is likely to trade higher in the near term. On the upside, the $340-350 resistance zone holds the key for more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently directionless below the 50 level.

Major Support Level – $310

Major Resistance Level – $335

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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