- Bitcoin cash worth after shopping for and promoting as extreme as $2948 started a model new draw again wave in opposition to the US Dollar.
- There was a break beneath a short-term bullish growth line with assist at $2560 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair is now once more throughout the bearish zone beneath $2600 and the 100 hourly simple transferring frequent.
Bitcoin cash worth reversed all its options from the $2950 extreme in opposition to the US Dollar. BCH/USD is now beneath $2600 and is exhibiting quite a lot of bearish indicators.
Bitcoin Cash Price Resistance
It was a bullish run yesterday from the $2550 swing low in bitcoin cash worth in opposition to the US Dollar. The worth traded above the $2800 stage and long-established a extreme at $2948. Later, it confronted a wide range of selling pressure and the worth tumbled beneath the $2700 and $2600 assist ranges. During the draw again switch, the worth moreover cleared the $2580 assist and settled beneath the 100 hourly simple transferring frequent.
Moreover, there was a break beneath a short-term bullish growth line with assist at $2560 on the hourly chart of BCH/USD. It appears just like the pair has trimmed most of its options and is at current throughout the bearish zone beneath $2500. The present low long-established was at $2353 from the place the worth tried a restoration. It moved above the 23.6% Fib retracement stage of the ultimate drop from the $2948 extreme to $2353 low. However, the upside switch was capped by the $2550 resistance and the 100 hourly SMA.
Furthermore, there was no break of the 38.2% Fib retracement stage of the ultimate drop from the $2948 extreme to $2353 low. Clearly, BCH is struggling beneath the $2500 stage and it stays inclined to further declines.
Looking on the technical indicators:
Hourly MACD – The MACD for BCH/USD is now positioned carefully throughout the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now correctly beneath the 50 stage.
Major Support Level – $2350
Major Resistance Level – $2550
Charts courtesy – Trading View, Kraken