Home / Bitcoin Price Predictions / Bitcoin Cash Price Technical Analysis – BCH/USD’s Short-term Downside
Bitcoin Cash Price Technical Analysis – BCH/USD’s Short-term Downside

Bitcoin Cash Price Technical Analysis – BCH/USD’s Short-term Downside

Key Points

  • Bitcoin money value remains to be consolidating in a variety above the $1,150 assist degree in opposition to the US Dollar.
  • There was a break beneath a short-term contracting triangle with assist at $1,245 on the hourly chart of BCH/USD (information feed from SimpleFX).
  • The pair could decline towards the $1,150 assist, which holds the important thing within the close to time period.

Bitcoin money value is buying and selling in a variety and failed to maneuver above $1,350 in opposition to the US Dollar. BCH/USD might decline within the brief time period, however stays supported above $1,150.

Bitcoin Cash Price Support

There had been mostly range moves in bitcoin money value above $1,150 throughout the previous few classes in opposition to the US Dollar. The value failed to maneuver above the $1,350 degree and made a minor draw back transfer. It settled beneath the 23.6% Fib retracement degree of the leg up from the $934 low to $1,371 excessive. It looks as if the value is barely struggling beneath the $1,250 degree and the 100 hourly easy shifting common.

It is slowly shifting decrease and traded beneath the $1,240 degree. Moreover, there was a break beneath a short-term contracting triangle with assist at $1,245 on the hourly chart of BCH/USD. The pair could decline additional in direction of the decrease finish of the vary close to $1,150. The talked about $1,150 assist is a vital purchase zone because it prevented declines on many events. It can be near the 50% Fib retracement degree of the leg up from the $934 low to $1,371 excessive.

Therefore, if the value corrects additional the $1,170 and $1,150 ranges are prone to act helps. On the upside, the value has to maneuver above the $1,250 degree to retest the $1,350 resistance space.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is barely within the bearish zone, however with a flat construction.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has simply moved beneath the 50 degree.

Major Support Level – $1,150

Major Resistance Level – $1,350

 

Charts courtesy – SimpleFX

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