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Bitcoin Cash Price Technical Analysis – BCH/USD Consolidating above $1,150

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Key Points

  • Bitcoin money worth is buying and selling inside a variety, however it’s holding the $1,150 assist space towards the US Dollar.
  • There is a short-term connecting bearish pattern line forming with resistance at $1,240 on the hourly chart of BCH/USD (knowledge feed from SimpleFX).
  • The pair has to maneuver above the $1,250 and $1,350 ranges to realize upside momentum.

Bitcoin money worth is at present consolidating above $1,150 towards the US Dollar. BCH/USD should break a few key resistance corresponding to $1,350 to commerce additional increased.

Bitcoin Cash Price Range

There was a short-term excessive fashioned across the $1,370 degree in bitcoin money worth towards the US Dollar. The worth began a minor draw back correction from the $1,370 excessive and declined beneath $1,300. There was additionally a break beneath the 23.6% Fib retracement degree of the upside wave from the $935 low to $1,370 excessive. It opened the doorways for extra declines and the worth examined the $1,150 assist together with the 100 hourly easy transferring common.

Moreover, the worth nearly examined the 50% Fib retracement degree of the upside wave from the $935 low to $1,370 excessive. The talked about $1,150 assist is a significant purchase zone and it looks as if the worth is holding the said degree very properly. At the second, the worth is buying and selling inside a variety above the $1,150 degree. On the upside, there’s a short-term connecting bearish pattern line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to maneuver above the pattern line and settle above $1,250 to retest the $1,300 degree. Above $1,300, the worth could retest the $1,350 resistance.

Bitcoin Cash Price Technical Analysis BCH USD

On the draw back, the $1,150 assist holds loads of significance and it should maintain to keep away from additional slides.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is generally flat.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is trying to maneuver above the 50 degree.

Major Support Level – $1,150

Major Resistance Level – $1,350

Charts courtesy – SimpleFX

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