Key Points
- Bitcoin cash price failed to move higher and declined below the 0 support against the US Dollar.
- Yesterday’s highlighted key bullish trend line was breached with support at 2 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains is currently trading below the 0 resistance and the 100 hourly simple moving average.
Bitcoin cash price is still struggling to clear 0 against the US Dollar. BCH/USD could slide once again towards 5 and 0 to fill buy orders.
Bitcoin Cash Price Analysis
There was another attempt to break the 0 resistance by bitcoin cash price against the US Dollar. The BCH/USD pair failed to gain momentum above 0 and started a downside move. The price declined below the 0 support and settled below the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last leg up from the 3 swing low to 2 high.
More importantly, yesterday’s highlighted key bullish trend line was breached with support at 2 on the hourly chart of the BCH/USD pair. The pair declined towards the 5 support where buyers emerged. Moreover, the 61.8% Fib retracement level of the last leg up from the 3 swing low to 2 high acted as a support. The price recovered slightly, but it is still trading well below the 0 level. There is a new connecting bearish trend line in place with resistance at 2 on the same chart.
Looking at the chart, BCH price is currently under pressure below the 0 resistance and the 100 hourly simple moving average. Therefore, there could be another dip towards the 0 or 5 support before the price recovers above the 0 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has managed to move above the 50 level.
Major Support Level – 5
Major Resistance Level – 0
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