Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $600

Key Points

  • Bitcoin cash price remained in a tight range above the $600 barrier against the US Dollar.
  • There is a major bearish trend line in place with resistance at $648 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is forming a solid support on the downside near the $605-615 zone.

Bitcoin cash price stayed above the $600 support against the US Dollar. BCH/USD must surpass the $645-650 zone for more upsides in the near term.

Bitcoin Cash Price Resistance

There was no major move above $650 in bitcoin cash price against the US Dollar. The BCH/USD pair remained in a tight range above the $610 level during the past three sessions. There was a dip below the $630 level on a few occasions, but the $625 level acted as a support and prevented losses. Having said that the price is now well below the 23.6% Fib retracement level of the last wave from the $549 swing low to $660 high.

On the downside, the $625 level is an initial support and it coincides with the 100 hourly simple moving average. Below $625, the price could test the $605 support zone. It represents the 50% Fib retracement level of the last wave from the $549 swing low to $660 high. Should the price fail to stay above the $600-605 support, it could slide back towards the $550 level. On the upside, there is a major bearish trend line in place with resistance at $648 on the hourly chart of the BCH/USD pair.

Looking at the chart, BCH price is clearly trading in a range above the $600-605 zone. Once there is a break above the $645-6540 zone, there could be a decent rally towards $680 and $700.

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 has moved below the 50 level.

Major Support Level – $605

Major Resistance Level – $645

Author: Aayush Jindal

Source link

Related posts

12 Thoughts to “Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $600”

  1. 醫學美容-太陽穴-專利-cosmetic-wiki

    Just Beyond 【初雪天使系列*】初雪天使雪溶霜 Angel Snow Melting Cream的商品介紹 UrCosme (@cosme TAIWAN) 商品資訊 Just Beyond,初雪天使系列*,初雪天使雪溶霜 Angel Snow Melting Cream

  2. Creating Digital Transformation Strategies

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  3. nova88

    … [Trackback]

    […] Information on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  4. rent scooter in honolulu

    … [Trackback]

    […] Read More Information here on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  5. devops advice

    … [Trackback]

    […] Find More here on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  6. contactos mujeres

    … [Trackback]

    […] There you can find 97911 additional Info to that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  7. magic mushroom microdosing guide​

    … [Trackback]

    […] Read More here on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  8. replica quality rolex replica watches

    … [Trackback]

    […] There you can find 86726 more Information on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  9. valid cvv

    … [Trackback]

    […] Read More Info here to that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  10. sbo

    … [Trackback]

    […] Read More on to that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  11. 핫테티비

    … [Trackback]

    […] Here you can find 85979 more Info on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

  12. สล็อตเว็บตรง

    … [Trackback]

    […] Read More on that Topic: tradingbtc.com/2018/09/05/bitcoin-cash-price-analysis-bch-usd-consolidating-above-600/ […]

Leave a Comment