Bitcoin Cash Price Analysis: BCH/USD is Facing Uphill Task

Key Factors

  • Bitcoin money worth declined additional and examined the $500 assist towards the US Greenback.
  • There is an important bearish pattern line in place with resistance at $530 on the hourly chart of the BCH/USD pair (information feed from Kraken).
  • The pair is prone to face a powerful promoting curiosity close to the $530 and $535 ranges within the close to time period.

Bitcoin money worth discovered assist close to $500 towards the US Greenback. BCH/USD is correcting greater, but it surely might face sellers close to the $530-535 zone.

Bitcoin Cash Price Evaluation

Yesterday, we noticed a contemporary draw back transfer under $550 in bitcoin money worth towards the US Greenback. The BCH/USD pair declined under the $540 and $525 assist ranges. The drop was such that the value examined the $500 assist space. Later, patrons appeared and guarded additional losses under $500. A low was shaped at $502 and the value began an upside correction.

It has moved above the 23.6% Fib retracement stage of the latest decline from the $549 excessive to $502 low. Nonetheless, there are a lot of hurdles on the upside close to the $530 stage. Extra importantly, there is an important bearish pattern line in place with resistance at $530 on the hourly chart of the BCH/USD pair. Moreover, the 61.eight% Fib retracement stage of the latest decline from the $549 excessive to $502 low is additionally at $531. Lastly, the 100 hourly easy shifting common is positioned close to $530. Due to this fact, it received’t be simple for BCH patrons to clear the $530 and $535 resistance ranges.

Trying on the chart, BCH worth could proceed to maneuver greater, however upsides are prone to be capped by $535. Above this, the value will most certainly check the $550 resistance zone within the close to time period.

Trying on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BCH/USD is now again above the 50 stage.

Main Help Degree – $500

Main Resistance Degree – $535

About Tom Greenly

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