Home Cryptocurrency News Altcoin Bitcoin Cash Price Technical Analysis – BCH/USD Remains Bearish

Bitcoin Cash Price Technical Analysis – BCH/USD Remains Bearish

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Key Points

  • Bitcoin cash price traded lower sharply and broke the $900 support level against the US Dollar.
  • There is a key connecting bearish trend line forming with resistance at $910 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to move down and it could soon test the $850 level in the near term.

Bitcoin cash price is in a bearish trend below $950 against the US Dollar. BCH/USD is likely to extend declines in the short term towards $850 and $800.

Bitcoin Cash Price Resistance

There were continuous declines in bitcoin cash price from the $960 swing high against the US Dollar. The price broke the $950 and $900 support levels to set the pace for more losses. More importantly, the price settled below the $900 level and is currently well below the 100 hourly simple moving average. It recently traded as low as $867 and it may correct a few points in the short term.

An initial resistance is near the 23.6% Fib retracement level of the last decline from the $990 swing high to $867 low. Moreover, there is a key connecting bearish trend line forming with resistance at $910 on the hourly chart of the BCH/USD pair. The same resistance area is positioned around the 38.2% Fib retracement level of the last decline from the $990 swing high to $867 low. Therefore, the price may continue to face sellers if it moves higher from the current levels towards $900 and $910.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low at $867 may not hold for long. A break below $867 will most likely call for a push towards the $850 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now positioned well below the 40 level.

Major Support Level – $850

Major Resistance Level – $910

Charts courtesy – Trading View

AltcoinToday.com

Source: Newsbtc

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