Key Points
- Bitcoin cash price declined further and traded close to the $420 support level against the US Dollar.
- There is a new bearish trend line in place with resistance near $435 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to face a lot of selling interest if it trades towards $440 or $450.
Bitcoin cash price is back in a bearish zone below $450 against the US Dollar. BCH/USD could continue to face a lot of selling interest near the $440-450 zone.
Bitcoin Cash Price Analysis
Yesterday, there was a minor upside move above the $440 level in bitcoin cash price against the US Dollar. The BCH/USD pair traded close to the $450 level, but it failed to gain momentum. A high was formed around $449 and later the price moved south. It fell below the $440 level and broke the 100 hourly simple moving average. The price extended declines and traded close to the $420 support area.
A new weekly low was formed at $423 and later the price recovered. It corrected above the 23.6% Fib retracement level of the recent decline from the $449 high to $423 low. However, there are many resistances near the $435 and $440 levels. There is also a new bearish trend line in place with resistance near $435 on the hourly chart of the BCH/USD pair. Above the trend line, the next major resistance is near $440. It also coincides with the 61.8% Fib retracement level of the recent decline from the $449 high to $423 low.
Looking at the chart, BCH price is currently in a bearish zone below $450. As long as there is no close above $440 and $450, sellers remain in charge.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD may slowly move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the 40 level.
Major Support Level – $420
Major Resistance Level – $440