- Bitcoin cash price is declining and is currently trading below $1500 against the US Dollar.
- There is a major bearish trend line forming with resistance at $1400 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains in the bearish zone as long as there is no break of the $1500 resistance.
Bitcoin cash price is now trading below $1500 against the US Dollar. BCH/USD is under pressure and might test the $1050 support in the short term.
Bitcoin Cash Price Resistance
Yesterday, we saw a reversal pattern in Bitcoin cash price as it moved below the $1800 level against the US Dollar. The price traded toward the $1050 support and later corrected higher. It moved above the 23.6% Fib retracement level of the last decline from the $2580 high to $1012 low. However, the upside move was limited by the $1500 resistance. There is also a major bearish trend line forming with resistance at $1400 on the hourly chart of BCH/USD.
Above the trend line resistance, the 38.2% Fib retracement level of the last decline from the $2580 high to $1012 low is at $1614. Therefore, there are many resistances on the upside starting with the $1400 level. It won’t be easy for BCH buyers to push the price above $1400 and $1500 in the short term. There can be a couple of swing moves or ranging moves below $1500. Moreover, there is a chance of it retesting the $1050-1000 support area as well in the near term.
Loses below $1000 would mean a major bearish trend toward $650-600. On the upside, a close above $1500 would be a positive signal for buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently below the 50 level.
Major Support Level – $1050
Major Resistance Level – $1500
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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