Bitcoin Cash Price Analysis: BCH/USD Recovery Facing Hurdles ByAayush JindalPRO INVESTOR Updated: 10 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 started a short term correction and moved above $420 against the US Dollar. There is an ascending channel in place with support at $415 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair recently tested the channel resistance and failed to break the $422-423 zone. Bitcoin cash price remains in a bearish zone below $430 against the US Dollar. BCH/USD may correct further higher, but it is likely to find resistance near $425-430. Bitcoin Cash Price Analysis Yesterday, we saw a major downside move below the $430 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded as low as $408 and settled below the 100 hourly simple moving average. Later, the price started a short term recovery and moved above the $415 level. It also managed to clear the 23.6% Fib retracement level of the recent drop from the $438 high to $408 low. The upside move was positive as there was a spike above the $420 level. However, the price failed to surpass the $422-423 zone. There was also no test of the 50% Fib retracement level of the recent drop from the $438 high to $408 low. At the outset, there is an ascending channel in place with support at $415 on the hourly chart of the BCH/USD pair. The pair is currently moving lower towards the channel support at $415 where buyers could emerge. In the short term, it seems like the price may correct towards the $425 or $430 resistance levels. Looking at the chart, BCH price remains in a downtrend as long as there is no close above $430. On the downside, the recent low at $408 is a decent support followed by the $400 handle. Looking at the technical indicators: Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now back above the 50 level. Major Support Level – $415 Major Resistance Level – $425 The post Bitcoin Cash Price Analysis: BCH/USD Recovery Facing Hurdles appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
