- Bitcoin cash price declined further and traded below the $300 level against the US Dollar.
- Yesterday’s highlighted key bearish trend line with current resistance is intact near $340 on the hourly chart of BCH/USD (data feed from Kraken).
- The price is currently correcting sharply, but likely to face selling interest near $340-350.
Bitcoin cash price is recovering from $290 against the US Dollar. BCH/USD might continue to move higher, but the $350 resistance holds a lot of importance.
Bitcoin Cash Price Resistance
Yesterday, I mentioned that there is a chance of Bitcoin cash price testing the $300 level against the US Dollar. The price did trade lower, tested the $300 support and even surpassed it. A low was formed near $291.1 from where the price is currently correcting higher. It has moved sharply higher and already above the 50% Fib retracement level of the last decline from the $362 high to $291 low.
However, there is a major resistance waiting on the upside near $350. The mentioned $350 level was a support earlier and now it could act as a major resistance. It is also near the 76.4% Fib retracement level of the last decline from the $362 high to $291 low. Moreover, yesterday’s highlighted key bearish trend line with current resistance is intact near $340 on the hourly chart of BCH/USD. Therefore, if the price continues to move higher, it is likely to face selling interest near $340-350.
Having said that, the price is recovering well from $300, which is a positive sign. There are chances of a consolidation above $300 for some time before the price makes the next move higher.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD has moved sharply into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Major Support Level – $300
Major Resistance Level – $350
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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