{"id":135436,"date":"2018-05-24T00:08:06","date_gmt":"2018-05-24T04:08:06","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=135436"},"modified":"2021-09-12T19:04:13","modified_gmt":"2021-09-12T23:04:13","slug":"bitcoin-cash-price-analysis-bch-usd-jaw-dropped-below-1000","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-cash-price-analysis-bch-usd-jaw-dropped-below-1000","title":{"rendered":"Bitcoin Cash Price Analysis: BCH\/USD Jaw Dropped Below $1,000"},"content":{"rendered":"

Key Points Bitcoin cash price declined sharply and moved below the $1,000 support against the US Dollar. Yesterday\u2019s highlighted major bearish trend line with current resistance at $1,080 is intact on the hourly chart of the BCH\/USD pair (data feed from Kraken). The pair is currently correcting higher towards the $1,050 and $1,080 resistance levels in the near term.<\/p>\n

Bitcoin cash price failed to recover and declined below $1,000 against the US Dollar. BCH\/USD may correct higher, but upsides are likely to be limited.<\/em><\/p>\n

Bitcoin Cash Price Decline<\/p>\n

There was a sharp increase in selling pressure from $1,150<\/a> in bitcoin cash price against the US Dollar. The price declined sharply and broke many supports such as $1,100 and $1,050. The decline was such that sellers succeeded in pushing the price below the $1,000 handle. BCH is now trading well below the $1,100 pivot level and the 100 hourly simple moving average.<\/p>\n

It traded as low as $967.5 recently before buyers appeared. At the moment, the price is consolidating losses<\/a> with a correction angle towards $1,100. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $1,191 high to $967 low. More importantly, yesterday\u2019s highlighted major bearish trend line with current resistance at $1,080 is intact on the hourly chart of the BCH\/USD pair. The same trend line resistance is close to the 50% Fib retracement level of the last decline from the $1,191 high to $967 low. Therefore, if the price corrects higher, it could face sellers near the $1,050 and $1,080 levels.<\/p>\n

Looking at the chart<\/a>, the price is in a bearish trend with a decent support near $960-80. A break below the mentioned $960 support may open the doors for a push towards the $900 level.<\/p>\n

Looking at the technical indicators:<\/strong><\/p>\n

Hourly MACD<\/strong> \u2013 The MACD for BCH\/USD is slowly recovering in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) <\/strong>\u2013 The RSI for BCH\/USD is moving higher and is currently 40.<\/p>\n

Major Support Level<\/strong> \u2013 $980<\/p>\n

Major Resistance Level<\/strong> \u2013 $1,080<\/p>\n

The post Bitcoin Cash Price Analysis: BCH\/USD Jaw Dropped Below $1,000<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Key Points Bitcoin cash price declined sharply and moved below the $1,000 support against the US Dollar. Yesterday\u2019s highlighted major bearish trend line with current […]<\/a><\/div>","protected":false},"author":168,"featured_media":135437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\nBitcoin Cash Price Analysis: BCH\/USD Jaw Dropped Below $1,000 - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Bitcoin Cash (BCH) price failed to recover and declined below $1,000. 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