- 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.
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