Key Points
- Bitcoin cash price stayed above the 6 swing low and consolidated against the US Dollar.
- There was a break above a key bearish trend line with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair struggled to move above the 0 resistance and the 100 hourly simple moving average.
Bitcoin cash price mostly consolidated near 0 against the US Dollar. BCH/USD must break the 0-540 resistance zone for a decent recovery.
Bitcoin Cash Price Analysis
Yesterday, there was another break below the 0 support in bitcoin cash price against the US Dollar. However, the BCH/USD pair found support near the last swing low at 6 and later recovered. It traded above the 5 and 0 resistance levels to start a recovery. The price climbed above the 50% Fib retracement level of the recent decline from the 2 high to 6 low.
Moreover, there was a break above a key bearish trend line with resistance at 0 on the hourly chart of the BCH/USD pair. However, the price struggled to break the 5-540 resistance zone and the 100 hourly simple moving average. Besides, the price was rejected near the 61.8% Fib retracement level of the recent decline from the 2 high to 6 low. As a result, the price retreated and traded below the 0 level. At the outset, the price seems to be consolidating above the 0 level. Buyers must clear the 0, 5 and 0 resistance levels to start a decent rebound.
Looking at the chart, BCH price may continue to stay above the 0 support area. Having said that, if buyers continue to fail near the 5 level, the price may perhaps break the 0 and 5 support levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is still placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 levels.
Major Support Level – 0
Major Resistance Level – 5
The post Bitcoin Cash Price Analysis: BCH/USD Consolidating Near 0 appeared first on NewsBTC.