Key Points
· Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar.
· There is an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair (data feed from Kraken).
· The pair could bounce back once again, but it has to break the $530-540 resistance zone for more gains.
Bitcoin cash price failed near a key resistance at $540 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to gain bullish momentum.
Bitcoin Cash Price Upside Hurdle
Yesterday, there was a decent recovery in bitcoin cash price above the $500 resistance against the US Dollar. The BCH/USD pair moved higher and broke the $510 and $5220 resistance levels. There was even a spike above the 50% Fib retracement level of the last drop from the $595 high to $473 low. However, the price failed near a key resistance at $540 and the 100 hourly simple moving average.
It started trimming gains and moved below the $525 level. It also broke the 38.2% Fib retracement level of the last wave from the $473 swing low to $541 high. At the moment, the price is trading near the $500-505 support area. There is also an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair. More importantly, the 50% Fib retracement level of the last wave from the $473 swing low to $541 high is acting as a support near $506. As long as the price is above the triangle support and $490, it could bounce once again.
Looking at the chart, BCH price attempted a nice recovery, but failed to clear offers near $540. On the downside, supports are seen at $500, $492, $490 and $480.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.
Major Support Level – $492
Major Resistance Level – $540
Author: Aayush Jindal
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An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!
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