Bitcoin Cash Price Analysis: Can BCH/USD Break Above 100 SMA?

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Key Points

  • Bitcoin cash price is slowly declining and is currently well below $830 against the US Dollar.
  • Yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must clear the $825-830 resistance and the 100 hourly simple moving average to gain pace.

Bitcoin cash price is currently bearish below $830 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to move into a bullish zone.

Bitcoin Cash Price Upside Hurdle

During the past three sessions, there was a steady decline from the $840 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair settled below the $830 level and the 100 hourly simple moving average, which is a bearish sign. Recently, the pair even broke the $800 support and formed a new intraday low at $785. Later, it recovered and moved above the 38.2% Fib retracement level of the last drop from the $840 high to $785 low.

However, the upside move was capped by the $815 level and the 100 hourly SMA. Moreover, there was no proper break above the 50% Fib retracement level of the last drop from $840 to $785. It seems like the price is struggling to break the 100 hourly SMA, which is currently at $815. Above this, yesterday’s highlighted important bearish trend line is intact with resistance near $825 on the hourly chart of the BCH/USD pair. Therefore, a close above the 100 hourly SMA and $825 is needed for more gains in the near term.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price may perhaps move down if it fails to move above the $815 and $825 resistance levels. Supports are seen at $800 and $785.

Looking at the technical indicators:

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

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

Major Support Level – $800

Major Resistance Level – $825

The post Bitcoin Cash Price Analysis: Can BCH/USD Break Above 100 SMA? appeared first on NewsBTC.



by Aayush Jindal on July 31, 2018 at 09:38AM

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