Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD Corrects Sharply From $2600
Bitcoin Cash Price Technical Analysis – BCH/USD Corrects Sharply From $2600

Bitcoin Cash Price Technical Analysis – BCH/USD Corrects Sharply From $2600

Key Points

  • Bitcoin cash price surged above the $2000 stage in opposition to the US Dollar sooner than starting a sharp draw again correction.
  • There is a monster bullish sample line forming with current assist at $1300 on the hourly chart of BCH/USD (info feed from Kraken).
  • The price is now consolidating in a spread above the $1300 stage and with resistance at $1750.

Bitcoin cash price rocketed as extreme as $2600 in opposition to the US Dollar. BCH/USD is now correcting lower and stays properly beneath $2000.

Bitcoin Cash Price Trend

There was a sharp upside move in Bitcoin cash price above the $2000 stage in opposition to the US Dollar. The price rocketed above $2500 and traded to a model new all-time extreme spherical $2600. Later, there was a sharp draw again switch beneath $2000 and the value tumbled by larger than $1000. The price traded within the course of the $1200 assist area the place shoppers protected draw again and later BCH started shopping for and promoting in a spread.

It moved above the 23.6% Fib retracement stage of the ultimate drop from the $2600 extreme to $1200 low. However, the upside switch was capped by the $1800 stage. Moreover, the 38.2% Fib retracement stage of the ultimate drop from the $2600 extreme to $1200 low acted as a resistance. On the draw again, it seems like there is a monster bullish sample line forming with current support at $1300 on the hourly chart of BCH/USD.

The highlighted sample line assistance is holding losses above the $1300 stage. On the upside, there is a connecting bearish sample line forming with resistance at $1800. As prolonged as the value is above $1200, it might probably make one different upside attempt in the direction of $1800 or bigger.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is about to maneuver once more inside the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is presently near the 50 stage.

Major Support Level – $1300

Major Resistance Level – $1800

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein should not be assured, does not purport to be full and is strictly for information features solely. It should not be thought-about funding/shopping for and promoting advice. All the information is believed to return from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and because of this truth will not be liable for any loss incurred.

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Bitcoin Cash Price Technical Analysis – BCH/USD Corrects Sharply From $2600

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Bitcoin Cash Price Technical Analysis – BCH/USD Corrects Sharply From $2600

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