- Bitcoin cash price attempted an upside move above $1400 against the US Dollar but failed to gain momentum.
- This week’s highlighted major bearish trend line with resistance at $1300 is intact on the hourly chart of BCH/USD (data feed from Kraken).
- The price has to move above $1300 and $1400 to gain upside momentum in the near term.
Bitcoin cash price is struggling to gain momentum above $1300 against the US Dollar. BCH/USD might gain pace if it closes above $1400.
Bitcoin Cash Price Upside Hurdle
Recently, there was a decent attempt by bitcoin cash price above the $1300 level against the US Dollar. However, the price failed to gain momentum above $1400 and declined again. There was an attempt to break this week’s highlighted major bearish trend line with current resistance at $1300 on the hourly chart of BCH/USD. The mentioned attempt failed since there was no break of the $1400 level.
The pair moved down and traded below the 38.2% Fib retracement level of the last wave from the $1000 swing low to $1533 high. It seems like the price is struggling to gain pace above $1300 and the trend line resistance. A close above $1300, followed by $1400 is needed for further gains. On the downside, the $1200 support and the 61.8% Fib retracement level of the last wave from the $1000 swing low to $1533 high are decent buy zones.
A break of the $1200 level could ignite a downside wave toward the $1050 level. If there are further declines, then $1000 might be tested. On the upside, a close above $1400 would take the price toward the $1650 level.
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 well below the 50 level.
Major Support Level – $1200
Major Resistance Level – $1400
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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