Key Points
- Bitcoin cash price failed to move above the $750 level against the US Dollar and started a downside move.
- There was a break below yesterday’s highlighted bullish trend line with support at $670 on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now trading below the $680 resistance and the 100 hourly simple moving average.
Bitcoin cash price failed to settle above $750 against the US Dollar. BCH/USD has now moved into the bearish zone for more losses.
Bitcoin Cash Price Resistance
Earlier this week, we saw a rise in Bitcoin cash price towards the $750 level against the US Dollar. The price gained pace and traded as high as $748.09 where it faced sellers. It failed to move past $750 and started a downside move. The failure was around the 50% Fib retracement level of the last decline from the $943 high to $540 low. It is a sign that the price completed a wave near $750 and currently in a bearish wave.
During the downside move, there was a break below yesterday’s highlighted bullish trend line with support at $670 on the hourly chart of BCH/USD. The price also moved below the $680 support and the 100 hourly simple moving average. These are bearish signs and could push the pair towards $600. It is also below the 50% Fib retracement level of the last wave from the $540 low to $748 high. It means the price could even break the $600 support if sellers remain in control.
If buyers have to take back control, they have to clear the $680 resistance and the 100 hourly simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is moving higher from the 40 level.
Major Support Level – $600
Major Resistance Level – $680
Charts courtesy – Trading View, Kraken