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Bitcoin Cash Price Technical Analysis – Can BCH/USD Recover Further?

Bitcoin Cash Price Technical Analysis – Can BCH/USD Recover Further?

Key Points

  • Bitcoin cash worth is recovering from the $1205 low in opposition to the US Dollar, nevertheless it is going by means of many resistances.
  • There is a crucial bearish improvement line forming with resistance at $1410 on the hourly chart of BCH/USD (data feed from Kraken).
  • The worth might wrestle to maneuver above the $1400-1410 resistance house inside the near time interval.

Bitcoin cash worth is recovering from $1200 in opposition to the US Dollar. BCH/USD has to maneuver above the $1400 resistance zone to get higher extra.

Bitcoin Cash Price Resistance

There had been a number of downsides swing strikes in bitcoin cash worth this earlier week in route of $1200 in opposition to the US Dollar. The main motive was BTC/USD’s sharp rise above $17,000. BCH declined and examined the $1200 assist house. However, patrons had been ready to protect extra declines and pushed the worth once more above $1250. The worth moreover traded above the 50% Fib retracement diploma of the ultimate decline from the $1500 extreme to $1205 low.

At the second, the worth is shopping for and promoting above the $1350 pivot and the 100 hourly straightforward transferring frequent. It seems to be as if the 61.8% Fib retracement diploma of the ultimate decline from the $1500 extreme to $1205 low at $1385 is showing as a resistance and stopping helpful properties. Above $1385, there is a crucial bearish trend line forming with resistance at $1410 on the hourly chart of BCH/USD. Therefore, it seems to be as if the $1400 resistance zone is important and a break above it obtained’t be simple.

Moreover, the $1440 diploma can be a major resistance above the talked about $1400. On the draw again, the $1350 diploma is an preliminary assist adopted by $1320. The most important assistance on the draw again stays at $1200.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is transferring correctly inside the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now successfully above the 50 diploma.

Major Support Level – $1320

Major Resistance Level – $1400

 

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 thought of funding/shopping for and promoting suggestion. All the info is believed to come back again from reliable sources. NewsBTC would not warrant the accuracy, correctness, or completeness of data in its analysis and as a consequence of this reality will not be answerable for any loss incurred.

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