Bitcoin Cash Price Analysis: It’s Decision Time For BCH/USD

Key Points

  • Bitcoin cash price is under a lot of pressure and it is still trading below $525 against the US Dollar.
  • There is a major bearish trend line in place with resistance at $526 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to close above the $530 level and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is slowly declining towards the $508 support against the US Dollar. BCH/USD must clear the $530 barrier for more gains in the near term.

Bitcoin Cash Price Resistance

There was a slow and steady decline in bitcoin cash price from well above the $550 level against the US Dollar. The BCH/USD pair broke many supports such as $540 and $530 on the way down. It also settled below the $540 level and the 100 hourly simple moving average. The recent swing low was $515 before the price corrected higher. It moved above the 23.6% Fib retracement level of the last decline from the $545 high to $515 low.

However, the upside move was capped by the $525-530 zone. Moreover, the 100 hourly SMA also acted as a resistance near the $528 level and prevented gains. Lastly, the price topped near the 38.2% Fib retracement level of the last decline from the $545 high to $515 low. The price is currently declining and it could continue to move down towards the $515 low. Below this, there is a strong support zone near the $508-510 levels. Further below this, there is a risk of a downside break below $500 in the near term. On the upside, there is a major bearish trend line in place with resistance at $526 on the hourly chart of the BCH/USD pair.

Looking at the chart, BCH price has to close above the $530 level and the 100 hourly SMA to gain upside momentum.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

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

Major Support Level – $508

Major Resistance Level – $530

Author: Aayush Jindal

Source link

Related posts

16 Thoughts to “Bitcoin Cash Price Analysis: It’s Decision Time For BCH/USD”

  1. 醫學美容-精油-還原-cosmetic-wiki

    JO MALONE 【芳醇古龍水系列】絲絨玫瑰與烏木芳醇古龍水 VELVET ROSE &OUD的商品介紹 JO MALONE,芳醇古龍水系列,絲絨玫瑰與烏木芳醇古龍水 VELVET ROSE &OUD

  2. Football Solutions Wales round-up: Promotion issue undecided

    Sunderland winger Adam Johnson is out of Tuesday night’s FA Cup fourth round replay at Fulham after undergoing minor surgery on a thumb problem. Sunderland setback as Adam Johnson is ruled out of FA Cup fourth round replay

  3. ETIAS

    Actually no matter if someone doesn’t be aware of then its up to other users that they
    will help, so here it takes place.

  4. Big Mountain Builders LLC AZ

    There’s certainly a lot to learn about this issue.
    I like all of the points you’ve made.

  5. viagra

    Hello there! I know this is kinda off topic however I’d figured I’d ask.
    Would you be interested in trading links or maybe guest writing a
    blog post or vice-versa? My website goes over a lot of the same subjects as yours and I think we could greatly benefit from
    each other. If you happen to be interested feel free to send me an e-mail.

    I look forward to hearing from you! Great blog by the way!

  6. esta

    Hi, I do think this is an excellent web site.

    I stumbledupon it 😉 I’m going to revisit yet again since
    i have book-marked it. Money and freedom is the greatest way to change, may
    you be rich and continue to guide other people.

  7. buy cvv

    … [Trackback]

    […] There you will find 47208 additional Information on that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  8. nova88

    … [Trackback]

    […] Information to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  9. ammo near me

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  10. sbobet

    … [Trackback]

    […] Read More Information here to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  11. click here for info

    … [Trackback]

    […] There you can find 28311 additional Information on that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  12. maxbet

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  13. Hardware spoofers

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  14. 토토백화점

    … [Trackback]

    […] Read More on to that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  15. Best universities in Africa

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

  16. i was reading this

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/08/27/bitcoin-cash-price-analysis-its-decision-time-for-bch-usd/ […]

Leave a Comment