Key Points
- Bitcoin cash price remained below the 0 resistance and corrected lower against the US Dollar.
- There is a major bearish trend line formed with resistance near 3 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could consolidate in the short term below 5 and 0 before the next move.
Bitcoin cash price remained in a range below the 0 resistance against the US Dollar. BCH/USD must climb above 0 and 0 to climb further higher in the near term.
Bitcoin Cash Price Analysis
Yesterday, we saw a rejection in bitcoin cash price near the 5-200 resistance zone against the US Dollar. The BCH/USD pair corrected lower and traded below the 0 level. It tested the 5 support area and formed a base for the next move. The price climbed higher and retested the 5-200 zone where sellers appeared. There was a fresh decline recently and the price traded towards the 0 level.
A new intraday low was formed at 2 and later the price corrected higher. It moved above the 23.6% Fib retracement level of the recent decline from the 7 high to 2 low. There was also a close above the 0 level and the 100 hourly simple moving average. However, there are many resistances on the upside near the 8 and 0 levels. There is also a major bearish trend line formed with resistance near 3 on the hourly chart of the BCH/USD pair. Below the trend line, the 61.8% Fib retracement level of the recent decline from the 7 high to 2 low is also a hurdle.
Looking at the chart, BCH price seems to be consolidating below the 0 resistance. On the downside, the key support is at 5, below which the price may test 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.
Major Support Level – 5
Major Resistance Level – 5
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