Bitcoin Cash Price Analysis: BCH/USD Formed Double Bottom Near $400 ByAayush JindalPRO INVESTOR Updated: 22 July 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. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Join Our Telegram channel to stay up to date on breaking news coverage Key Points Bitcoin cash price dipped sharply and retested the $410 support area against the US Dollar. There was a break above a connecting bearish trend line with resistance at $415 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair could correct lower towards $418 or $415 before it can recover further in the near term. Bitcoin cash price dipped and then recovery quickly above $420 against the US Dollar. BCH/USD could trade towards the $430 or $440 resistance in the short term. Bitcoin Cash Price Analysis Yesterday, bitcoin cash price failed to settle above the $420-422 zone against the US Dollar. The BCH/USD pair dipped sharply and retested the $408-410 support area where buyers emerged. The price found a strong buying interest near $410, resulting in a sharp upward move. Buyers pushed the price back above the $415 and $420 resistance levels. Moreover, there was a break above a connecting bearish trend line with resistance at $415 on the hourly chart of the BCH/USD pair. The pair tested the $430 resistance zone and the 100 hourly simple moving average. Buyers struggled to push the price above the $430 level, resulting in a short term correction. The pair moved below the 23.6% Fib retracement level of the recent wave from the $407 low to $429 high. It seems like there could be more declines, but buyers are likely to protect the $418 and $415 support levels. Besides, the 50% Fib retracement level of the recent wave from the $407 low to $429 high is also near $418. Looking at the chart, BCH price is forming a decent support near the $410 level. As long as the price is above $407, it could make another attempt to surpass $430. 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 well above the 50 level. Major Support Level – $415 Major Resistance Level – $430 The post Bitcoin Cash Price Analysis: BCH/USD Formed Double Bottom Near $400 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
