Bitcoin Cash Price Analysis: BCH/USD Testing Key Support Near $820

Key Points

  • Bitcoin cash price started a downside correction after trading above the $875 level against the US Dollar.
  • There is a key connecting bullish trend line formed with support at $830 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above the $820 and $830 support levels to avoid more declines.

Bitcoin cash price is correcting lower against the US Dollar. BCH/USD is currently approaching an important support area near the $820-830 levels.

Bitcoin Cash Price Support

Yesterday, we saw a decent upward move above the $750 level in bitcoin cash price against the US Dollar. The BCH/USD pair even broke the $870 level and traded close to the $880 level. A high was formed near $878 before the price started a downside correction. The price declined and traded below the 23.6% Fib retracement level of the last wave from the $771 low to $878 high.

However, the price found support near a major pivot area at $820. More importantly, there is a key connecting bullish trend line formed with support at $830 on the hourly chart of the BCH/USD pair. The 50% Fib retracement level of the last wave from the $771 low to $878 high is also around $825. Lastly, the 100 hourly simple moving average is positioned near the $820 level. Therefore, the $820-830 support zone holds a lot of importance in the short term. Below this, the price may perhaps decline further towards the $790 level.

Looking at the chart, the price is finding strong buying interest above the $820 level. If the price continues to stay above $820, it could bounce back above the $850 level. Above this last, BCH may retest the $878 high.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $820

Major Resistance Level – $850

Author: Aayush Jindal

Source link

Related posts

12 Thoughts to “Bitcoin Cash Price Analysis: BCH/USD Testing Key Support Near $820”

  1. Football Solutions Feride Bakır (Turkey)

    Avram Grant has told his West Ham players he will not tolerate any more excuses. The Hammers remain rooted to the foot of the Barclays Premier League. Avram Grant tells West Ham: No more excuses – get out there and start taking points

  2. decksundercover.com

    … [Trackback]

    […] Read More Information here on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  3. swiss audemars piguet code 11 59 series watch 2

    … [Trackback]

    […] Information to that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  4. DevOps implementation services

    … [Trackback]

    […] Read More on to that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  5. สล็อตวอเลท

    … [Trackback]

    […] There you can find 23310 more Info on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  6. maxbet

    … [Trackback]

    […] Find More on on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  7. cvvshop lv

    … [Trackback]

    […] Read More on on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  8. wikipedia reference

    … [Trackback]

    […] There you will find 5691 more Information on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  9. limanbet giriş

    … [Trackback]

    […] There you can find 63366 more Information on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  10. voir

    … [Trackback]

    […] Find More here on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  11. Hidden Wiki

    … [Trackback]

    […] Find More here on that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

  12. Investment

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/07/26/bitcoin-cash-price-analysis-bch-usd-testing-key-support-near-820/ […]

Leave a Comment