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Bitcoin Cash Price Analysis: BCH/USD Struggle Continues Near $450

 

Key Points

  • Bitcoin cash price failed to move higher and declined below the $440 support against the US Dollar.
  • Yesterday’s highlighted key bullish trend line was breached with support at $442 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains is currently trading below the $450 resistance and the 100 hourly simple moving average.

Bitcoin cash price is still struggling to clear $450 against the US Dollar. BCH/USD could slide once again towards $435 and $430 to fill buy orders.

Bitcoin Cash Price Analysis

There was another attempt to break the $450 resistance by bitcoin cash price against the US Dollar. The BCH/USD pair failed to gain momentum above $450 and started a downside move. The price declined below the $440 support and settled below the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last leg up from the $423 swing low to $452 high.

More importantly, yesterday’s highlighted key bullish trend line was breached with support at $442 on the hourly chart of the BCH/USD pair. The pair declined towards the $435 support where buyers emerged. Moreover, the 61.8% Fib retracement level of the last leg up from the $423 swing low to $452 high acted as a support. The price recovered slightly, but it is still trading well below the $450 level. There is a new connecting bearish trend line in place with resistance at $442 on the same chart.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is currently under pressure below the $450 resistance and the 100 hourly simple moving average. Therefore, there could be another dip towards the $430 or $435 support before the price recovers above the $450 level.

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 has managed to move above the 50 level.

Major Support Level – $435

Major Resistance Level – $450

 

The post Bitcoin Cash Price Analysis: BCH/USD Struggle Continues Near $450 appeared first on NewsBTC.

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