Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support
Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support

Key Points

  • Bitcoin cash worth declined extra and breached a key assist at $2450 in opposition to the US Dollar.
  • Yesterday’s highlighted important bullish sample line with assist at $2480 was broken on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair could proceed to say no because it’s now below $2400 and the 100 hourly straightforward shifting widespread.

Bitcoin cash worth moved below the $2450 assist in opposition to the US Dollar. BCH/USD would possibly decline extra in the direction of the $2300 and $2200 ranges.

Bitcoin Cash Price Resistance

There was no upside recovery in bitcoin cash worth yesterday from the $2600 swing low in opposition to the US Dollar. The worth traded lower and sellers succeeded in breaking a key assist area at $2450. During the draw again switch, many important helps along with $2400 and the 100 hourly straightforward shifting widespread had been broken. There was moreover a break below the 50% Fib retracement diploma of the ultimate upside leg from the $2218 low to $2780 extreme.

It opened the doorways for further losses and yesterday’s highlighted important bullish sample line with assist at $2480 was broken on the hourly chart of BCH/USD. The pair is now below the $2400 assist and is eyeing further declines throughout the near time interval. On the upside, there is a bearish trend line forming with resistance at $2400. Moreover, the 23.6% Fib retracement diploma of the ultimate decline from the $2780 extreme to $2348 low is near $2450.

Bitcoin Cash Price Technical Analysis BCH USD

Moreover, the 100 hourly SMA is at $2450. Therefore, it appears like there is a primary resistance forming near $2400-2450. There are possibilities of additional declines in BCH throughout the temporary time interval in the direction of $2200 as long as it is below $2450.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is now shifting throughout the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is at current below the 40 diploma and is displaying bearish indicators.

Major Support Level – $2200

Major Resistance Level – $2450

 

Charts courtesy – Trading View, Kraken

Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Key Support

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses sturdy technical analytical experience and is well-known for his entertaining and informative analysis of the international cash, commodities, Bitcoin and Ethereum markets.

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