Key Points
- Bitcoin cash price after failing to break the $350-355 resistance against the US Dollar moved down.
- There is a short-term bearish trend line forming with resistance near $330 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might decline in the short term, but there are chances of it breaking the $330 resistance.
Bitcoin cash price is struggling to gain traction against the US Dollar. BCH/USD has to surpass $330 and $350 to overcome selling pressure in the short term.
Bitcoin Cash Price Support
There were a few swing moves in Bitcoin cash price, but it failed to settle above $350-355 against the US Dollar. The price started a downside move from the $356.7 swing high and moved below the 50% Fib retracement level of the last wave from the $310 low to $356 high. There was no close above the $350 level, which resulted in a sharp decline.
The downside move was such that the price even failed to hold the $330 support. The mentioned $330 level would now act as a resistance. At present, the price is trading near the 76.4% Fib retracement level of the last wave from the $310 low to $356 high. There is a chance of a downside move towards $320-310 to fill buy orders before the price resumes its upside move. On the upside, there is a short-term bearish trend line forming with resistance near $330 on the hourly chart of BCH/USD.
A break and close above the $330 level is required for buyers to gain traction in the near term. Once there is a close above $330, the price could easily retest the $350-355 resistance.
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 for BCH/USD is currently below the 50 level.
Major Support Level – $310
Major Resistance Level – $330
Charts courtesy – Trading View, Kraken
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