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Bitcoin Cash Price Technical Analysis – BCH/USD Failed Upside Attempt


Bitcoin cash price is back to square one against the US Dollar. BCH/USD has to stay above $550 to avoid further declines in the near term.

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Key Points

  • Bitcoin cash price bounced from the $550 low against the US Dollar, but failed to break $620.
  • There is a crucial bearish trend line with resistance at $610 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is once again testing the $550 support and remains at a risk of a breakdown.

Bitcoin cash price is back to square one against the US Dollar. BCH/USD has to stay above $550 to avoid further declines in the near term.

Bitcoin Cash Price Resistance

Yesterday, we saw how there was a decent support base formed near $550 in Bitcoin cash price against the US Dollar. Later, the price started a recovery from the $550 low and managed to crawl above the 23.6% Fib retracement level of the last fall from the $720 high to $550 low. It was an initial positive signs and helped buyers in taking the price above the $600 level.

There was a huge spike in the price towards $620 where it faced sellers. A crucial bearish trend line with resistance at $610 on the hourly chart of BCH/USD protected gains. Moreover, the 38.2% Fib retracement level of the last fall from the $720 high to $550 low also acted as a resistance. The pair failed to break $620, faced heavy offers and moved down. As a result, there was a false spike formed and the price is currently bank trading near $550. The mentioned $550 support is a major horizontal pivot.

The price has to remain above the stated level or there are chances of further losses towards $520. If sellers remain in action, the price could even test $500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is almost flat with no real momentum.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is heading lower towards 40 level.

Major Support Level – $550

Major Resistance Level – $610

 

Charts courtesy – Trading View, Kraken

Article Original

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