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Key Points

  • Bitcoin cash price failed to hold gains above the $540 and $545 support levels against the US Dollar.
  • This week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading below the $540 support and it could decline further in the near term.

Bitcoin cash price declined below the $540 key support against the US Dollar. BCH/USD may perhaps continue to move down towards the $520 and $510 levels.

Bitcoin Cash Price Decline

We saw a downside correction from the $576 swing high in bitcoin cash price yesterday against the US Dollar. The BCH/USD pair declined below the $550 support area to move into a short-term bearish zone. Later, sellers gained control and pushed the price below an important support near $540. There was also a break below the 61.8% Fib retracement level of the last leg from the $510 swing low to $575 high.

The price settled below the $545 level and the 100 hourly simple moving average. Lastly, this week’s followed key bullish trend line was breached with support at $544 on the hourly chart of the BCH/USD pair. The pair traded as low as $524 and later corrected a few points. It moved above the 23.6% Fib retracement level of the last drop from the $570 high to $524 low. However, the price is facing resistance near $540 and a bearish trend line on the same chart.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price seems to be struggling to move above the previous support area near $540. If it continues to struggle to settle above $540 and $550, it could continue to move down towards the $520 and $510 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.

Major Support Level – $510

Major Resistance Level – $550

The post Bitcoin Cash Price Analysis: BCH/USD Turned Short-term Bearish appeared first on NewsBTC.

 


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