Technical analysis Bitcoin analysis Cash Price: BCH / USD extends its decline
Key points
- Bitcoin cash price did not move above the $ 1,350 resistance and fell sharply against the US dollar.
- There is an important bearish trend line formed with resistance at $ 1,250 on the hour chart of the USD pair / BCH (Kraken data feed).
- The pair is being corrected higher, but may face many upside barriers near $ 1,240-50.
- Cash price Bitcoin is under pressure below $ 1,300 against the US dollar. BCH / USD is likely to spread further declines if it does not move above $ 1,250.
Bitcoin Decrease Effective Price
Recently, there was an upward correction above minus $ 1,300 in the bitcoin cash price against the US dollar. The trading price towards $ 1,340 where sellers appeared and protected plus Upsides. As a result, the price started a fresh downward movement and fell again below $ 1,300. Sellers gained momentum, which raised the price even below the $ 1,240 and $ 1,220 support levels.
The decrease was such that the price almost tested the $ 1,150 level. A low was formed at $ 1,156 from where an upward correction is currently underway. He is currently testing the 23.6% fib retracement level of the last drop from the high $ 1,339 to low $ 1,156. however, there are many obstacles on the positive side for buyers close to $ 1,220-50. There is also an important bearish trend line formed with resistance at $ 1,250 on the USD pair / BCH time chart. In addition, the 50% fib retracement level of the last drop from the high $ 1,339 to the low $ 1,156 is close to $ 1,248 to act as a resistance.
Looking at the chart, the price is clearly under bearish pressure below $ 1,250. A break above $ 1,240-50 is needed for a rebound, otherwise, there is a risk of more falls towards $ 1,100 in the short term.
Regarding the technical indicators:
MACD per hour - The MACD for BCH / USD moves mainly in the bearish zone.
RSI per hour (Relative Strength Index) - The RSI for BCH / USD is recovering from the 30 level.
Higher support level - $ 1,150
Higher resistance level - $ 1,250
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