Key Points
- Bitcoin cash ABC seems to be a winner and it is currently trading below 0 against the US Dollar.
- There is a major bearish trend line formed 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 a major downside break below 0 in the near term.
Bitcoin cash price is trading near 0 on Kraken against the US Dollar. BCHABC is likely to retain BCH ticker and it is currently trading below 0 on Binance.
Bitcoin Cash Price Analysis
The past few days were very bearish for bitcoin cash price as its price declined below 0 against the US Dollar. The BCH/USD pair faced heavy selling interest and the recent fork drama added to selling pressure below 0. The price declined below the 0 and 0 levels as well. The recent low was formed at 0 before there was a minor correction. Buyers pushed the price above 0 level.
There was also a break above the 23.6% Fib retracement level of the last decline from the 0 swing high to 0 low. However, the upside move was capped by the 5 resistance. More importantly, there is a major bearish trend line formed with resistance at 5 on the hourly chart of the BCH/USD pair. The pair was also rejected near the 50% Fib retracement level of the last decline from the 0 swing high to 0 low. Besides, the 100 hourly simple moving average is also around the trend line and 0.
Looking at the chart, BCH price remains at a risk of more losses below 0. If BCHABC retain the BCH ticker, the price is likely to slide below 5 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.
Major Support Level – 0
Major Resistance Level – 5
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