Bitcoin Cash Price Analysis: BCH/USD Under Pressure Below $180

Key Points

  • Bitcoin cash price failed to trade above $175-180 and declined sharply against the US Dollar.
  • There are two key bearish trend lines formed with resistance near $175 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near the $165 support and it could tumble towards $150 in the near term.

Bitcoin cash price struggled to hold gains above $180 against the US Dollar. BCH/USD is under pressure and it looks set to clear the $160 and $150 support levels.

Bitcoin Cash Price Analysis

Recently, there were range moves above the $165 support in bitcoin cash price against the US Dollar. The BCH/USD pair jumped higher later and climbed above the $180 resistance. There was a break above the 23.6% Fib retracement level of the last drop from the $197 high to $164 low. However, there was no proper close above the $190 and $200 resistance levels. The price also failed to settle above $190 and the 100 hourly simple moving average.

Moreover, there are two key bearish trend lines formed with resistance near $175 on the hourly chart of the BCH/USD pair. The pair also struggled to settle above the 50% Fib retracement level of the last drop from the $197 high to $164 low. Finally, there was a downside reaction and the price tumbled below the $175 and $170 levels. At the outset, the price is trading near the $165 support, with a bearish angle. It seems like there could be a sharp downside reaction towards $150.

Looking at the chart, BCH price is clearly under pressure below $180 and the 100 hourly SMA. To recover, buyers need to gain strength above $175 and $180 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining strength in the bearish zone.

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

Major Support Level – $165

Major Resistance Level – $180

Author: Aayush Jindal

Source link

Related posts

10 Thoughts to “Bitcoin Cash Price Analysis: BCH/USD Under Pressure Below $180”

  1. Trends in DevOps

    … [Trackback]

    […] Here you will find 60781 more Info to that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  2. nova88

    … [Trackback]

    […] Find More on to that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  3. HWID spoofer

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  4. sbo

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  5. shop ccv online

    … [Trackback]

    […] Find More Info here on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  6. sbobet

    … [Trackback]

    […] There you will find 19030 additional Info on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  7. เอสบีโอเบท

    … [Trackback]

    […] Find More here to that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  8. 토토샤오미

    … [Trackback]

    […] Read More here on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  9. buy shroom bars wholesale

    … [Trackback]

    […] Read More on on that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

  10. earn passive income

    … [Trackback]

    […] There you can find 39143 additional Info to that Topic: tradingbtc.com/2018/12/02/bitcoin-cash-price-analysis-bch-usd-under-pressure-below-180/ […]

Leave a Comment