Key Points
- Bitcoin cash price declined heavily towards 0 before recovering a few points against the US Dollar.
- There is a major bearish trend line in place with resistance at 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the 5, 0 and 0 resistance levels to move into a positive zone.
Bitcoin cash price tumbled and tested the 0 level against the US Dollar. BCH/USD is currently recovering, but it is facing a solid resistance near 5-190.
Bitcoin Cash Price Analysis
There was a sharp downside move from the 0 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined more than and traded towards the 0 level. A new yearly low was formed at 7 and the price settled well below the 100 hourly simple moving average. Later, there was an upside correction and the price moved above 0 and 0.
There was a break above the 50% Fib retracement level of the last decline from the 9 high to 7 low. However, the upside move was capped by the 0 level, which was a support earlier. Moreover, there is a major bearish trend line in place with resistance at 5 on the hourly chart of the BCH/USD pair. The pair was also rejected near the 61.8% Fib retracement level of the last decline from the 9 high to 7 low. The price started a fresh decline and it is currently trading below 0. To jump higher, the price must break the 5, 0 and 0 resistance levels.
Looking at the chart, BCH price could decline towards 5 and 0 if there is a break above the 5 and 0 resistances. Above 0, the next hurdles is at 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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