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Bitcoin Cash Price Technical Analysis – BCH/USD to Correct Lower


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Key Points

  • Bitcoin cash price after trading as high as $1754 started a downside correction against the US Dollar.
  • Yesterday’s highlighted major bullish trend line with support at $1635 was broken on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is now correcting lower and it might soon test the $1450 support area.

Bitcoin cash price has started a downside correction towards $1450 against the US Dollar. BCH/USD might recover once the current correction is over.

Bitcoin Cash Price Resistance

It seems like buyers struggled to push bitcoin cash price above the $1700 level against the US Dollar. The price made a couple of attempts to break the $1718 and $1750 resistance levels, but failed. As a result, a downside correction was initiated. It is now below the 23.6% Fib retracement level of the last leg up from the $1148 low to $1754 high. More importantly, the price is now below the $1640 support and the 100 hourly simple moving average.

During the downside move, yesterday’s highlighted major bullish trend line with support at $1635 was broken on the hourly chart of BCH/USD. The pair will soon test the 38.2% Fib retracement level of the last leg up from the $1148 low to $1754 high. However, there are chances that the pair might even break $1500 for a test of the $1450 support area. The mentioned $1450 support is close to the 50% Fib retracement level of the last leg up from the $1148 low to $1754 high.

Therefore, the current correction might find support near the $1450 level. On the upside, the broken support at $1640-1650 is likely to act as a resistance along with the 100 hourly simple moving average.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is heading lower towards the 30 level.

Major Support Level – $1450

Major Resistance Level – $1640

 

Charts courtesy – Trading View, Kraken

Article Original

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