Saturday, 16 June 2018

Bitcoin Cash Price Technical Analysis – BCH/USD Testing Key Support

https://bitcoincraze.xyz/bitcoin-cash-price-technical-analysis-bch-usd-testing-key-support/-


Key Points



  • Bitcoin cash price started a downside move after it traded as high as $1,834 against the US Dollar.

  • There is a crucial bullish trend line in place with support at $1,610 on the hourly chart of the BCH/USD pair (data feed from Kraken).

  • The pair is currently testing a major support area near $1,640, which could hold losses in the near term.


Bitcoin cash price remains supported above $1,600 against the US Dollar. BCH/USD is likely to bounce back once the current correction is over.


Bitcoin Cash Price Support


After a sharp upside move, bitcoin cash price formed a short-term top near $1,834 against the US Dollar. The price started a downside correction and declined below the $1,800 and $1,750 support levels. It also traded below the 23.6% Fib retracement level of the last leg from the $1,459 low to $1,834 high. However, there are many supports on the downside above the $1,600 level.


At the moment, the price is testing the 50% Fib retracement level of the last leg from the $1,459 low to $1,834 high at $1,645. The stated $1,645 level is acting as a strong support and preventing losses. Moreover, there is a crucial bullish trend line in place with support at $1,610 on the hourly chart of the BCH/USD pair. Therefore, there seems to be a major support zone above the $1,600 level. As long as the price is above the stated $1,645 and $1,610 support levels, it could bounce back.


Bitcoin Cash Price Technical Analysis BCH USD


Looking at the chart, there is a short-term resistance forming near the $1,750 level. A break above the stated $1,750 level could open the doors for a push towards the $1,800 level. Finally, a break above $1,834 may perhaps call for a test of $1,900.


Looking at the technical indicators:


Hourly MACD – The MACD for BCH/USD is back in the bearish zone.


Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.


Major Support Level – $1,610


Major Resistance Level – $1,750


Source: https://www.newsbtc.com/2018/05/07/bitcoin-cash-price-technical-analysis-bch-usd-testing-key-support-2/


-https://bitcoincraze.xyz/wp-content/uploads/2018/05/bitcoin-cash-price-technical-analysis-bch-usd-testing-key-support.png

No comments:

Post a Comment