Home / Cryptocurrency / Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support
bitcoin cash price analysis bch usd consolidating near key support - Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

Key Points

  • Bitcoin money worth traded as top as $637 and later corrected decrease in opposition to the United States Dollar.
  • There was once a ruin under a key bullish development line with make stronger at $605 at the hourly chart of the BCH/USD pair (knowledge feed from Kraken).
  • The pair is lately buying and selling close to a big make stronger at $575 and the 100 hourly easy shifting reasonable.

Bitcoin money worth began a drawback correction from the $640 swing top in opposition to the United States Dollar. BCH/USD is lately consolidating close to $575 and it might leap again.

Bitcoin Cash Price Analysis

Yesterday, there have been prolonged good points above the $600 resistance in bitcoin money worth in opposition to the United States Dollar. The BCH/USD pair traded above the $620 resistance and settled above the 100 hourly easy shifting reasonable. The worth traded as top as $637 sooner than dealers seemed. As a consequence, there was once a drawback correction and the cost moved under the $600 degree.

During the decline, the cost broke the 50% Fib retracement degree of the ultimate leg from the $534 low to $637 top. Moreover, there was once a ruin under a key bullish development line with make stronger at $605 at the hourly chart of the BCH/USD pair. The pair prolonged losses and it’s lately buying and selling close to a big make stronger at $575 and the 100 hourly easy shifting reasonable. Besides, the 61.eight% Fib retracement degree of the ultimate leg from the $534 low to $637 top may be close to $575. Therefore, the cost is prone to leap again against $600 and $620.

Bitcoin Cash Price Analysis BCH Chart

Looking on the chart, BCH worth appearing certain indicators above the $575 make stronger. There generally is a contemporary bearish transfer, however the cost is prone to keep above the $540-550 zone. On the upside, a ruin above the $620 resistance might push the cost above $650.

Looking on the technical signs:

Hourly MACD – The MACD for BCH/USD is again within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is easily under the 50 degree.

Major Support Level – $575

Major Resistance Level – $600

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