Bitcoin Cash Price Technical Analysis – BCH/USD Drops Below $850


Key Points

  • Bitcoin cash price is struggling a lot and it moved below the $900 and $850 levels against the US Dollar.
  • There are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is about to break the recent low of $819 for a move towards or below $800.

Bitcoin cash price is under a lot of pressure below $850 against the US Dollar. BCH/USD is likely to extend declines below the $800 level in the near term.

Bitcoin Cash Price Decline

It seems like there is no stopping sellers since bitcoin cash price tumbled below the $900 and $850 levels against the US Dollar. The price recently formed a low at $819 and started an upside correction. It traded above the 23.6% Fib retracement level of the decline from the $1,161 high to $819 low. However, the correction wave could not last long above the $900 level.

BCH failed to move above the $950 level and the 38.2% Fib retracement level of the decline from the $1,161 high to $819 low. On the upside, there are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD. The pair is moving lower once again is currently trading below $850. It seems like the pair may continue to move down and it could test $800. There are even chances of a downside break below the $800 level in the near term.

On the upside, the $900 level is a major resistance area. A proper close above $900 is needed for BCH to initiate a fresh recovery in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining heavy momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is slightly recovering from the oversold levels.

Major Support Level – $800

Major Resistance Level – $900

AltcoinToday.com

Charts courtesy – SimpleFX

Source: Newsbtc

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