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Bitcoin Cash Price Analysis: BCH/USD Primed To Test $100

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Key Points

  • Bitcoin cash price is under a lot of pressure after it broke the $150 support against the US Dollar.
  • There is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near $125 and it may slide further towards the $100 level in the near term.

Bitcoin cash price registered heavy losses from the $200 swing high against the US Dollar. BCH/USD could continue to move down towards the $100 level.

Bitcoin Cash Price Analysis

Yesterday, we discussed that bitcoin cash price may slide further towards $125 against the US Dollar. The BCH/USD pair did trade lower after it broke the $150 and $145 support levels. The decline was such that the price even broke the $130 level and traded close to $125. It is now positioned well below the $140 level and the 100 hourly simple moving average.

The recent low was formed near $126 and the current price action suggests more gains. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $158 swing high to $126 low. More importantly, there is a major declining channel formed with resistance near $135 on the hourly chart of the BCH/USD pair. The pair is very unlikely to trade above the $135 and $140 resistance levels in the short term. Above $140, the next resistance is the 50% Fib retracement level of the last decline from the $158 swing high to $126 low. On the downside, a close below the $125 level could push the price towards $110 or $100.

Looking at the chart, BCH price is clearly in a significant downtrend below $150. It is likely to slide further towards $120, $110 or $100.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 30 level.

Major Support Level – $120

Major Resistance Level – $135


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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This post is also available in: ruРусский (Russian)

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