Bitcoin Cash Price Analysis: It’s Decision Time For BCH/USD
Key Points
Bitcoin cash cost is under a great deal of pres and it is still trading below $525 against the U s dollars. There is a major bearish trend line in place with resist at $526 on the hourly planned of the BCH/ USD duo( data feed from Kraken ). The duet has to close above the $530 level and the 100 hourly simple-minded moving median to gain resistance.
Bitcoin cash price is gradually slumping towards the $508 assist against the US Dollar. BCH/ USD must clear the $530 railing for more amplifications in the very near term.
Bitcoin Cash Price Resistance
There was a slow and steady drop-off in bitcoin currency expenditure from well above the $550 rank against the U s dollars. The BCH/ USD duet separated countless backings such as $540 and $530 on the way down. It also colonized below the $540 level and the 100 hourly simple-minded moving norm. The recent sway low-keyed was $515 before the toll chastened higher. It moved above the 23.6% Fib retracement position of the last recession from the $545 high-pitched to $515 low.
However, the upside move was capped by the $525 -5 30 zone. Likewise, the 100 hourly SMA also acted as a fighting near the $528 position and prevented increases. Lastly, the premium topped near the 38.2% Fib retracement degree of the last refuse from the $545 high-pitched to $515 low-pitched. The expenditure is currently waning and it could continue to move down towards the $515 low-spirited. Below this, there is a strong reinforce region near the $508 -5 10 stages. Considerably below this, there is a likelihood of a downside breach below $500 in the very near call. On the upside, there is a major bearish trend line in place with fight at $526 on the hourly plot of the BCH/ USD pair.
Looking at the chart, BCH price has to close above the $530 stage and the 100 hourly SMA to gain upside momentum.
Looking at the technical indicators 😛 TAGEND
Hourly MACD- The MACD for BCH/ USD is mostly flat in the bearish zone.
Hourly RSI( Relative Strength Index)- The RSI for BCH/ USD is currently below the 50 level.
Major Support Level- $508
Major Resistance Level- $530
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