- Bitcoin cash price is slowly moving lower and is currently trading below $1300 against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD (data feed from Kraken).
- The price has to overcome sell offers near $1200 and $1300 to make an upside move.
Bitcoin cash price is slowly moving down toward $1100 against the US Dollar. BCH/USD is facing two important resistances near $1200 and $1300.
Bitcoin Cash Price Decline
There is a slow and steady decline forming from the $1500 swing high in bitcoin cash price against the US Dollar. The price has declined below the $1300 level and the 50% Fib retracement level of the last leg up from the $1005 low to $1530 high. The current bias is bearish since the price struggled to settle above the $1300 level. It is currently trading well below the $1300 level and the 100 hourly simple moving average.
The price recently broke the 61.8% Fib retracement level of the last leg up from the $1005 low to $1530 high, which is a bearish sign. On the upside, there is a new connecting bearish trend line forming with resistance at $1200 on the hourly chart of BCH/USD. The pair is struggling to move above $1200 and $1220 resistance levels. On the downside, there is a support trend line forming near $1100. There is a chance that BCH/USD would test $1100 before it attempts an upside recovery.
To sum up, the current momentum is bearish as long as the price is below $1200 and $1300. It could test the $1100 and $1000 levels in the near term if the momentum remains intact.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving south and is well below the 50 level.
Major Support Level – $1100
Major Resistance Level – $1300
Charts courtesy – Trading View, Kraken
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Source : BTCNews