Bitcoin Cash Price Analysis: BCH/USD Eyeing Upside Break

Key Factors

  • Bitcoin money value is presently going through a powerful resistance close to $1,160 in opposition to the US Greenback.
  • There’s a main bearish development line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (knowledge feed from Kraken).
  • The pair would possibly dip a number of factors, however the general bias is optimistic above the $1,100 help degree.

Bitcoin money value stays in an uptrend above $1,100 in opposition to the US Greenback. BCH/USD has to maneuver previous $1,160 and $1,180 to achieve upside momentum.

Bitcoin Cash Price Resistance

There have been largely ranging strikes above the $1,100 help space in bitcoin money value in opposition to the US Greenback. The worth traded in direction of the $1,170 degree, however it failed to maneuver additional greater. A excessive was fashioned close to $1,168 earlier than the worth began a draw back correction. In the mean time, it looks as if there’s a sturdy resistance space forming close to $1,160, which can act as a pivot zone.

A downward correction is underway, and the worth not too long ago broke the 23.6% fib retracement degree of the final wave from the $1,048 low to $1,168 excessive. Nevertheless, the decline is discovering bids close to the $1,130 degree and the 100 hourly easy shifting common. Additional beneath the 100 hourly SMA, there’s a key help across the $1,100 degree. Furthermore, the 50% fib retracement degree of the final wave from the $1,048 low to $1,168 excessive can be across the acknowledged help. On the upside, there’s a main bearish development line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.

Trying on the chart, the pair has to settle above the $1,160 resistance space to achieve upside momentum. The following hurdles above $1,160 are seen close to $1,180 and $1,200.

Trying on the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly shifting within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BCH/USD is presently simply above the 50 degree.

Main Help Degree – $1,100

Main Resistance Degree – $1,160

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