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Bitcoin Cash Price Technical Analysis – BCH/USD Facing Tough Resistance
Key Points
- Bitcoin cash price is holding gains, but it is struggling to move above the 50 resistance against the US Dollar.
- This is a key bullish trend line forming with support at 80 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair must stay above 80 if it has to break the 50 resistance and gain further.
Bitcoin cash price is holding a major support at 80 against the US Dollar. However, BCH/USD has to move above 50 to gain bullish momentum.
Bitcoin Cash Price Trend
This past week was mostly positive for bitcoin cash price as it moved above 00 against the US Dollar. The price traded with a positive price action and traded above the 50% Fib retracement level of the last drop from the 00 high to 94 low. More importantly, there was a close above the 00 handle and the 100 hourly simple moving average. On the other hand, it seems like the price is struggling to break the 50 resistance.
There is a major barrier around 50 where the price struggled many times. It is the 61.8% Fib retracement level of the last drop from the 00 high to 94 low. On the downside, there is a key bullish trend line forming with support at 80 on the hourly chart of BCH/USD. The trend line support at 80 is around the 100 hourly simple moving average. Therefore, it holds a lot of importance for further declines toward 00. As long as the pair is above the 80 support and the 100 hourly SMA, it remains supported.
Once there is a break above 50, there can be a retest of 00. On the downside, below 80, the next major support is at 00.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Major Support Level – 80
Major Resistance Level – 50
Charts courtesy – Trading View, Kraken
The post Bitcoin Cash Price Technical Analysis – BCH/USD Facing Tough Resistance appeared first on NEWSBTC.
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