Bitcoin Cash Price Analysis: BCH/USD Consolidating Below $1,500

Key Points

  • Bitcoin cash price failed to break the $1,500 resistance and continues to trade in a range against the US Dollar.
  • There is a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to consolidate in a range below $1,500 before making the next move.

Bitcoin cash price is currently consolidating below $1,500 against the US Dollar. BCH/USD must stay above the $1,400 and $1,360 support levels to remain in a bullish zone.

Bitcoin Cash Price Upside Hurdle

There were a couple of swing moves in bitcoin cash price above the $1,360 support level against the US Dollar. The price attempted to move above the $1,500 resistance on a couple of occasions. However, buyers failed to gain upside momentum above $1,500. It seems like the price is struggling to clear a strong sell wall near $1,500 and is currently following the 100 hourly simple moving average.

It recently traded as high as $1,493 before starting a downside correction. It moved down below the 38.2% Fib retracement level of the last leg from the $1,331 low to $1,493 high. However, the downside move was limited by the $1,400 support area. There is also a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair. Moreover, the 61.8% Fib retracement level of the last leg from the $1,331 low to $1,493 high also acted as a support during the recent slide.

Looking at the chart, the price must settle above the $1,440 resistance and the 100 hourly SMA to gain momentum. A successful close above 100 hourly SMA could open the doors for a break above the $1,500 resistance in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently flat in the bearish zone.

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

Major Support Level – $1,400

Major Resistance Level – $1,500

Source: Newsbtc


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