#Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550

Neutral #Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550

Key Points

  • Bitcoin cash price declined recently and broke the $575-580 support against the US Dollar.
  • There is a major bearish trend line in place with resistance at $582 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to slide and it could even test the $550 support level in the near term.
Bitcoin cash price extended declines below $600 against the US Dollar. BCH/USD is currently under pressure and it looks set to test the $550 support.

Bitcoin Cash Price Analysis

Yesterday, we saw an extended downside correction below the $600-605 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $575-580 support area to move into a short term bearish zone. Moreover, there was a close below the $600 level and the 100 hourly simple moving average. During the decline, the price even surpassed the 61.8% Fib retracement level of the last wave from the $533 low to $638 swing high.

The price recently tested the $560 support and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $638 high to $559 low. Besides, there is a major bearish trend line in place with resistance at $582 on the hourly chart of the BCH/USD pair. Buyers need to push the price above the trend line and the $580 resistance to resume uptrend. Above the trend line, the 100 hourly SMA is near $590 to act as a resistance.

Looking at the chart, BCH price is currently under pressure below the $600 level and the 100 hourly simple moving average. As long as there is no close above $600, there are chances of more slides towards the $550 support level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) - The RSI for BCH/USD is now well below the 40 level.

Major Support Level - $550

Major Resistance Level - $590

11/09/2018 / 04:28:57 Source: newsbtc

Analysis | Technical | BCH | Bitcoin Cash | | Trading|BTC|Market|Fiat
BTC
1 BTC=$3,389.95
XRP
1 XRP=$0.2996
ETH
1 ETH=$87.51
XUC
1 XUC=$2.11
EOS
1 EOS=$1.84
BCH
1 BCH=$95.83

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Latest comments:

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