Bitcoin Cash Price Technical Analysis – BCH/USD Range Extension

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Key Points

  • Bitcoin cash price continues to trade in a range above the $2280 support against the US Dollar.
  • Yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is unbroken on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair has to shut above the $2450-60 resistance levels to maneuver back within the bullish zone.

Bitcoin cash price is trading in a range above $2280 against the US Dollar. BCH/USD could gain traction within the near term, nevertheless it has to interrupt $2460.

Bitcoin Cash Price Support

There was a start to a new a short-term consolidation phase in bitcoin cash price above $2200 area against the US Dollar. The worth was seen moving higher a number of points toward the $2400 level, however it struggled to realize momentum. It looks like the 38.2% Fib retracement level of the last drop from the $2730 high to $2250 low prevented gains and an upside break.

More importantly, yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is unbroken on the hourly chart of BCH/USD. The pair was seen constantly offered across the $2450 resistance and the 100 hourly easy moving average. There was also a spike towards the 50% Fib retracement level of the last drop from the $2730 high to $2250 low. However, there was no upside break and close above the $2450-60 resistance levels.

Bitcoin Cash Price Technical Analysis BCH USD

The pair has to maneuver above the mentioned $2450-60 resistance area to realize traction. Once BCH moves back within the bullish zone above $2460, it could attempt a run towards the $2700 level. On the downside, an important range support is around $2260-80, which must hold to contain losses.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is struggling to maneuver back within the bullish zone.

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

Major Support Level – $2280

Major Resistance Level – $2460

Charts courtesy – Trading View, Kraken

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