- Bitcoin cash price is struggling to recover above $530 and $540 against the US Dollar.
- Yesterday’s highlighted key bearish trend line is intact with resistance at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently at a risk of more losses below the $500 and $490 support levels.
Bitcoin cash price is currently well below $530 against the US Dollar. BCH/USD might accelerate declines once there is a close below the $500 level.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price is clearly at a risk of more slides towards the $500 support against the US Dollar. The BCH/USD pair remained in a bearish zone and it struggled to move past the $530 resistance. The price even traded below the $500 level and formed a low at $495. Later, there was a minor upside correction above $500 and $505. Buyers pushed the price above the 23.6% Fib retracement level of the last slide from the $560 swing high to $495 low.
However, the price struggled to break the $525-530 resistance zone. Besides, the 50% Fib retracement level of the last slide from the $560 swing high to $495 low also prevented gains. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $515 on the hourly chart of the BCH/USD pair. There was a false break noted above the trend line since the price failed to settle above $530. Sellers pushed the price back below $510 and it is currently well below the 100 hourly simple moving average.
Looking at the chart, BCH price under a lot of pressure below $510 and $520. If there is no upward move, it could accelerate losses below $500.
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 placed well below the 50 level.
Major Support Level – $500
Major Resistance Level – $520
Author: Aayush Jindal