News Bitcoin Cash Price Technical Analysis – BCH/USD Failed Upside...

Bitcoin Cash Price Technical Analysis – BCH/USD Failed Upside Attempt – NEWSBTC

-

- Advertisment -

Key Points

  • Bitcoin cash price bounced from the $550 low against the US Dollar, but failed to break $620.
  • There is a crucial bearish trend line with resistance at $610 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is once again testing the $550 support and remains at a risk of a breakdown.

Bitcoin cash price is back to square one against the US Dollar. BCH/USD has to stay above $550 to avoid further declines in the near term.

Bitcoin Cash Price Resistance

Yesterday, we saw how there was a decent support base formed near $550 in Bitcoin cash price against the US Dollar. Later, the price started a recovery from the $550 low and managed to crawl above the 23.6% Fib retracement level of the last fall from the $720 high to $550 low. It was an initial positive signs and helped buyers in taking the price above the $600 level.

There was a huge spike in the price towards $620 where it faced sellers. A crucial bearish trend line with resistance at $610 on the hourly chart of BCH/USD protected gains. Moreover, the 38.2% Fib retracement level of the last fall from the $720 high to $550 low also acted as a resistance. The pair failed to break $620, faced heavy offers and moved down. As a result, there was a false spike formed and the price is currently bank trading near $550. The mentioned $550 support is a major horizontal pivot.

Bitcoin Cash Price Technical Analysis BCH USD

The price has to remain above the stated level or there are chances of further losses towards $520. If sellers remain in action, the price could even test $500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is almost flat with no real momentum.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is heading lower towards 40 level.

Major Support Level – $550

Major Resistance Level – $610

 

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.

Source link

Bitcoin Cash Price Technical Analysis – BCH/USD Failed Upside Attempt - NEWSBTC
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that exotic anymore. Ever since the big boom on the crypto...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...
- Advertisement -

Will New Zealand’s crypto salary project work?

Now in 2020, Bitcoin, and in a broader sense cryptocurrencies in general, have gone through hundreds of...

Is Tron’s decentralized app market really a “Las Vegas on the blockchain?”

The original idea behind creating cryptocurrencies was to offer a much more decentralized and convenient payment platform...

Must read

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business,...
- Advertisement -Bitcoin Cash Price Technical Analysis – BCH/USD Failed Upside Attempt - NEWSBTCBitcoin Cash Price Technical Analysis – BCH/USD Failed Upside Attempt - NEWSBTC

You might also likeRELATED
Recommended to you