Key Points
- Bitcoin cash price is declining and is currently trading below 00 against the US Dollar.
- There is a major bearish trend line forming with resistance at 00 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains in the bearish zone as long as there is no break of the 00 resistance.
Bitcoin cash price is now trading below 00 against the US Dollar. BCH/USD is under pressure and might test the 50 support in the short term.
Bitcoin Cash Price Resistance
Yesterday, we saw a reversal pattern in Bitcoin cash price as it moved below the 00 level against the US Dollar. The price traded toward the 50 support and later corrected higher. It moved above the 23.6% Fib retracement level of the last decline from the 80 high to 12 low. However, the upside move was limited by the 00 resistance. There is also a major bearish trend line forming with resistance at 00 on the hourly chart of BCH/USD.
Above the trend line resistance, the 38.2% Fib retracement level of the last decline from the 80 high to 12 low is at 14. Therefore, there are many resistances on the upside starting with the 00 level. It won’t be easy for BCH buyers to push the price above 00 and 00 in the short term. There can be a couple of swing moves or ranging moves below 00. Moreover, there is a chance of it retesting the 50-1000 support area as well in the near term.
Loses below 00 would mean a major bearish trend toward 0-600. On the upside, a close above 00 would be a positive signal for buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently below the 50 level.
Major Support Level – 50
Major Resistance Level – 00
Charts courtesy – Trading View, Kraken
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