Key Points
- Bitcoin cash price is struggling to recover above 0 and 0 against the US Dollar.
- Yesterday’s highlighted key bearish trend line is intact with resistance at 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently at a risk of more losses below the 0 and 0 support levels.
Bitcoin cash price is currently well below 0 against the US Dollar. BCH/USD might accelerate declines once there is a close below the 0 level.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price is clearly at a risk of more slides towards the 0 support against the US Dollar. The BCH/USD pair remained in a bearish zone and it struggled to move past the 0 resistance. The price even traded below the 0 level and formed a low at 5. Later, there was a minor upside correction above 0 and 5. Buyers pushed the price above the 23.6% Fib retracement level of the last slide from the 0 swing high to 5 low.
However, the price struggled to break the 5-530 resistance zone. Besides, the 50% Fib retracement level of the last slide from the 0 swing high to 5 low also prevented gains. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at 5 on the hourly chart of the BCH/USD pair. There was a false break noted above the trend line since the price failed to settle above 0. Sellers pushed the price back below 0 and it is currently well below the 100 hourly simple moving average.
Looking at the chart, BCH price under a lot of pressure below 0 and 0. If there is no upward move, it could accelerate losses below 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed well below the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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