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Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold $300?

Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold $300?

Key Points

  • Bitcoin cash price is struggling to move higher and remains below the $340 resistance against the US Dollar.
  • This week’s highlighted major bearish trend line with current resistance at $325 is a crucial hurdle on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is just holding the $300 handle, but remains at a risk of more declines.

Bitcoin cash price is not able to move above $330-340 against the US Dollar. BCH/USD is now struggling to hold the $300 support area.

Bitcoin Cash Price Support

It seems like Bitcoin cash price is struggling to recover from the $300 support against the US Dollar. Therefore, the price remains at a risk of more losses below $300 in the near term. At the moment, buyers are fighting hard and the price is trading just above $300. There were 2-3 attempts to surpass the $300-305 levels, but sellers failed. The price is currently recovering with an initial resistance around the 23.6% Fib retracement level of the last drop from the $335 high to $304 low.

An intermediate resistance is near $318 and the 50% Fib retracement level of the last drop from the $335 high to $304 low. On the upside, this week’s highlighted major bearish trend line with current resistance at $325 is intact on the hourly chart of BCH/USD. It might continue to play a major role for an upside break above $340. As long as the pair is below the trend line resistance and $340, it remains in the bearish zone.

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On the downside, a close below $300 would take the pair towards the last low of $290.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 45 level.

Major Support Level – $305

Major Resistance Level – $325

 

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.

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Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold $300?

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Bitcoin Cash Price Technical Analysis – Can BCH/USD Hold $300?

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