- Bitcoin cash price declined further and traded towards the $1300 support against the US Dollar.
- There is a major bearish trend line forming with resistance around $1475 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might correct higher, but it will most likely face sellers near $1400 and $1460.
Bitcoin cash price declined below $1340 against the US Dollar. BCH/USD is currently under bearish pressure and upsides remain capped by $1400.
Bitcoin Cash Price Upside Hurdles
Due to rise in bitcoin price, there were further declines in bitcoin cash price below $1400 against the US Dollar. The price made a sharp downside move and traded below the $1400 and $1350 support levels. It almost tested the $1300 handle and formed a low near $1308.5. At the moment, a minor consolidation and correction is underway from $1310. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $1545 high to $1308 low.
The $1380-1385 zone is a short-term hurdle for buyers. Above the mentioned $1385, the price could test the $1400 resistance. Should there be further gains, the next hurdle is near the 50% Fib retracement level of the last decline from the $1545 high to $1308 low around $1438. There is also a major bearish trend line forming with resistance around $1475 on the hourly chart of BCH/USD. Therefore, there are many hurdles on the upside protecting gains above $1400 in the near term.
On the downside, the recent low of $1308 is a minor support. A break below $1308 could push the price below the $1300 level. The next major support is near the $1250-1260 zone.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed well in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is correcting higher from the 30 level.
Major Support Level – $1300
Major Resistance Level – $1400
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