- Bitcoin cash price after failing to break the $350-355 resistance against the US Dollar moved down.
- There is a short-term bearish trend line forming with resistance near $330 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might decline in the short term, but there are chances of it breaking the $330 resistance.
Bitcoin cash price is struggling to gain traction against the US Dollar. BCH/USD has to surpass $330 and $350 to overcome selling pressure in the short term.
Bitcoin Cash Price Support
There were a few swing moves in Bitcoin cash price, but it failed to settle above $350-355 against the US Dollar. The price started a downside move from the $356.7 swing high and moved below the 50% Fib retracement level of the last wave from the $310 low to $356 high. There was no close above the $350 level, which resulted in a sharp decline.
The downside move was such that the price even failed to hold the $330 support. The mentioned $330 level would now act as a resistance. At present, the price is trading near the 76.4% Fib retracement level of the last wave from the $310 low to $356 high. There is a chance of a downside move towards $320-310 to fill buy orders before the price resumes its upside move. On the upside, there is a short-term bearish trend line forming with resistance near $330 on the hourly chart of BCH/USD.
A break and close above the $330 level is required for buyers to gain traction in the near term. Once there is a close above $330, the price could easily retest the $350-355 resistance.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently below the 50 level.
Major Support Level – $310
Major Resistance Level – $330
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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