Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $440 ByAayush JindalPRO INVESTOR Updated: 13 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Points Bitcoin cash price broke to the upside, but it declined back below $460 against the US Dollar. There is an ascending channel forming with support at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair may continue to consolidate and slowly move higher above $450 in the near term. Bitcoin cash price retreated from the $480 resistance against the US Dollar. BCH/USD is currently consolidating above $440 with a few positive signs. Bitcoin Cash Price Analysis Yesterday, there was a sharp upside move and reversal in bitcoin price, which helped bitcoin cash price to move above $450 against the US Dollar. However, the BCH/USD pair failed near the $480 resistance and retreated sharply from highs. It broke the $475 and $460 support levels. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $425 low to $483 high. The decline was such that the price retested the $440 support area. There was almost a full retrace with a test of the $436 swing low and the 100 hourly simple moving average. Additionally, the 76.4% Fib retracement level of the last wave from the $425 low to $483 high was tested. Later, the price started an upside move towards the $445 level and settled above the $440 support. At the outset, there is an ascending channel forming with support at $440 on the hourly chart of the BCH/USD pair. The price needs to clear the $450 and $455 resistance levels to climb higher again. Looking at the chart, BCH price seems to be consolidating with positive moves above $440. On the downside, the $440 and $435 levels are crucial supports for the current wave. Below these, the price may retest the $425 low. Looking at the technical indicators: Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed above the 50 level. Major Support Level – $440 Major Resistance Level – $455The post Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $440 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
