Key Points
- Bitcoin cash price has started a new downside wave and it currently below $1450 against the US Dollar.
- There was a break below a key bullish trend line with support at $1480 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might continue to decline and it could even test the $1380 and $1360 support levels.
Bitcoin cash price is currently under pressure below $1500 against the US Dollar. BCH/USD might extend losses towards the $1360 level.
Bitcoin Cash Price Resistance
There was a failure to hold a major support near $1450 in bitcoin cash price against the US Dollar. The price even moved below the $1440 support and is currently showing a few bearish signs. There was a push below the 38.2% Fib retracement level of the last wave from the $1205 low to $1614 high. It has opened the doors for more losses below $1450 and the price is now below the 100 hourly simple moving average.
More importantly, there was a break below a key bullish trend line with support at $1480 on the hourly chart of BCH/USD. This is a major bearish sign as long as the price is below $1450. At the moment, the pair is trading near the 50% Fib retracement level of the last wave from the $1205 low to $1614 high. It seems like the pair might soon break the $1410 and $1400 support levels and extend its decline.
The next major support is near the 61.8% Fib retracement level of the last wave from the $1205 low to $1614 high at $1360. On the upside, the broken support at $1450 is now a resistance followed by the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is reaching oversold levels at 25.
Major Support Level – $1360
Major Resistance Level – $1480
Charts courtesy – Trading View, Kraken
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