Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD Downtrend Intact
Bitcoin Cash Price Technical Analysis – BCH/USD Downtrend Intact

Bitcoin Cash Price Technical Analysis – BCH/USD Downtrend Intact

Key Points

  • Bitcoin cash value remained beneath stress and moved beneath the $1200 assist in opposition to the US Dollar.
  • There are two principal bearish sample strains forming with resistance at $1250 and $1430 on the hourly chart of BCH/USD (info feed from Kraken).
  • The value might switch plenty of components larger, however it stays in downtrend as long as it is beneath $1400.

Bitcoin cash value struggled further beneath $1200 in opposition to the US Dollar. BCH/USD stays in a downtrend and it will proceed to face sellers.

Bitcoin Cash Price Decline

There had been non-stop gains in BTC/USD, which pushed bitcoin cash value beneath the $1200 assist in opposition to the US Dollar. The value made a minor correction, confronted sellers near $1400 and commenced a up to date draw again switch. It did not maneuver above the 38.2% Fib retracement stage of the ultimate drop from the $1550 extreme to $1300 low. The newest decline was such that the price broke the $1300 low and even cleared the $1200 assist.

A model new low was formed at $1150.10 from the place the price is in the intervening time correcting. An preliminary resistance is throughout the 23.6% Fib retracement stage of the ultimate decline from the $1470 extreme to $1150 low. On the upside, there are two principal bearish trend lines forming with resistance at $1250 and $1430 on the hourly chart of BCH/USD. The first sample line may be near the 38.2% Fib retracement stage of the ultimate decline from the $1470 extreme to $1150 low.

Therefore, the $1250 stage and the $1300 take care of usually tend to act as a severe barrier for a restoration. The most crucial resistance on the upside stays at $1400 and the 100 hourly straightforward transferring frequent.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining tempo throughout the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now near the oversold ranges.

Major Support Level – $1150

Major Resistance Level – $1250

 

Charts courtesy – Trading View, Kraken

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

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