Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?
Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?

Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?

Key Points

  • Bitcoin cash worth is declining and is at current shopping for and promoting beneath $1500 in direction of the US Dollar.
  • There is a critical bearish sample line forming with resistance at $1400 on the hourly chart of BCH/USD (information feed from Kraken).
  • The worth stays throughout the bearish zone as long as there isn’t a such factor as a break of the $1500 resistance.

Bitcoin cash worth is now shopping for and promoting beneath $1500 in direction of the US Dollar. BCH/USD is beneath pressure and will examine the $1050 help throughout the transient time interval.

Bitcoin Cash Price Resistance

Yesterday, we observed a reversal pattern in Bitcoin cash worth as a result of it moved beneath the $1800 stage in direction of the US Dollar. The worth traded in direction of the $1050 help and later corrected bigger. It moved above the 23.6% Fib retracement stage of the ultimate decline from the $2580 extreme to $1012 low. However, the upside switch was restricted by the $1500 resistance. There can be a critical bearish sample line forming with resistance at $1400 on the hourly chart of BCH/USD.

Above the sample line resistance, the 38.2% Fib retracement stage of the ultimate decline from the $2580 high to $1012 low is at $1614. Therefore, there are many resistances on the upside starting with the $1400 stage. It gained’t be easy for BCH customers to push the worth above $1400 and $1500 throughout the transient time interval. There may be a couple of swing strikes or ranging strikes beneath $1500. Moreover, there is a probability of it retesting the $1050-1000 help area as properly throughout the near time interval.

Loses beneath $1000 would indicate a critical bearish sample in direction of $650-600. On the upside, an in depth above $1500 could be a constructive signal for customers.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is making an attempt to maneuver once more throughout the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is at current beneath the 50 stage.

Major Support Level – $1050

Major Resistance Level – $1500

 

Charts courtesy – Trading View, Kraken

Disclaimer: The data contained herein is not assured, would not purport to be full and is strictly for information features solely. It should not be thought of funding/shopping for and promoting suggestion. All the information is believed to return from reliable sources. NewsBTC would not warrant the accuracy, correctness, or completeness of knowledge in its analysis and subsequently shouldn't be going to be liable for any loss incurred.

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Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?

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Bitcoin Cash Price Technical Analysis – BCH/USD Turned Bearish?

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