Bitcoin Cash Price Analysis: BCH/USD Dips Remain Supported

Key Factors

  • Bitcoin money worth dipped not too long ago, but it surely discovered assist close to $410 in opposition to the US Greenback.
  • There’s a main bearish pattern line in place with resistance close to $440 on the hourly chart of the BCH/USD pair (information feed from Kraken).
  • The pair must climb above the $450 hurdle for extra positive aspects within the close to time period.

Bitcoin money worth is buying and selling above $400 in opposition to the US Greenback. BCH/USD is dealing with a few essential resistances close to $445 and $450 ranges.

Bitcoin Cash Price Resistance

Through the previous few days, bitcoin money worth traded in a variety above the $400 deal with in opposition to the US Greenback. The BCH/USD pair examined the $400 and $410 assist ranges on a few events and remained properly bid. There was a powerful rise not too long ago after the worth shaped a low at $408. The value jumped above the $425 and $430 ranges, however sellers defended the $445 and $450 resistances.

There may be additionally a serious bearish pattern line in place with resistance close to $440 on the hourly chart of the BCH/USD pair. The pair corrected decrease under the 23.6% Fib retracement degree of the final wave from the $408 low to $442 excessive. It looks as if the worth might proceed to maneuver down in direction of the $425 degree. It represents the 50% Fib retracement degree of the final wave from the $408 low to $442 excessive. Beneath this, the worth may take a look at the $410 assist within the close to time period. On the upside, the worth has to interrupt the $445, $450, and the 100 hourly SMA for extra positive aspects.

Wanting on the chart, BCH worth may proceed to commerce in a variety above the $410 degree. As soon as there’s a correct shut above $450 and the 100 hourly SMA, the worth might maybe rise in direction of $500.

Wanting on the technical indicators:

Hourly MACD – The MACD for BCH/USD is within the bullish zone.

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

Main Help Degree – $410

Main Resistance Degree – $450

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