- Bitcoin cash price is trading in a range below the $320 level against the US Dollar.
- There is a short term contracting triangle forming with resistance at $315 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains at a risk of more declines as long as there is no close above $340-350.
Bitcoin cash price is struggling below $340 against the US Dollar. BCH/USD is at risk of a downside push below $310 if buyers do not step in.
Bitcoin Cash Price Resistance
There was no major move in Bitcoin cash price above $325-330 against the US Dollar during the past 2-3 sessions. The price traded in a range above the $300 level and is currently preparing for a break. The most important thing is the fact that this week’s highlighted bearish trend line with resistance at $335-340 is still in place. It might continue to prevent gains above $350 until buyers are able to gain momentum for an upside break.
At the moment, there is a short term contracting triangle forming with resistance at $315 on the hourly chart of BCH/USD. The triangle resistance is near the 23.6% Fib retracement level of the last drop from the $354 high to $306 low. A clear break above the triangle resistance and the $320 level is needed for a push towards $335-340. The trend line resistance holds the key in the short term for a move above $350.
On the downside, the triangle support is near $310. A break below the last would take the price towards $300 followed by the last swing low near $290.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is almost neutral in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level and heading south.
Major Support Level – $310
Major Resistance Level – $335
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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