Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD Trims Recent Gains
Bitcoin Cash Price Technical Analysis – BCH/USD Trims Recent Gains

Bitcoin Cash Price Technical Analysis – BCH/USD Trims Recent Gains

Key Points

  • 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.

Bitcoin Cash Price Technical Analysis BCH USD

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

Bitcoin Cash Price Technical Analysis – BCH/USD Trims Recent Gains

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 foreign exchange, commodities, Bitcoin and Ethereum markets.

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