Key Points
- Bitcoin cash price extended losses and broke the 0 swing low against the US Dollar.
- There is a key declining channel in place with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to extend losses below the 0 and 0 levels in the near term.
Bitcoin cash price declined further below the 0 low against the US Dollar. BCH/USD remains at a risk of more losses towards the 0 handle.
Bitcoin Cash Price Analysis
Yesterday, we saw a major decline from well above 0 in bitcoin cash price against the US Dollar. The BCH/USD pair traded as low as 0 and later started an upside correction. However, the upside correction was limited and the price struggled to move past 0-470. Moreover, there was no proper close above the 23.6% Fib retracement level of the last drop from the 4 high to 0 low.
As a result, there was a fresh downside move and the price broke the 0 low. A new weekly low was formed at 1 and the price is still under a lot of pressure. An initial resistance is near 0 and the 23.6% Fib retracement level of the recent slide from the 4 high to 1 low. Moreover, there is a key declining channel in place with resistance at 0 on the hourly chart of the BCH/USD pair. A break above the channel resistance and 0 may push the price towards the 0 resistance.
Looking at the chart, BCH price is under a lot of pressure below 0 and 0. A break below the 1 low could put bears in control for a test of the 0 handle in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still well below the 30 level.
Major Support Level – 0
Major Resistance Level – 0
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