- Bitcoin cash price is struggling to move above the $1,000 and $1,050 resistances against the US Dollar.
- There is a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently consolidating above the $950 level and is preparing for the next move.
Bitcoin cash price is consolidating in a range against the US Dollar. BCH/USD has to move past $1,010 and the 100 hourly simple moving average for more gains.
Bitcoin Cash Price Resistance
There was no major movement during the weekend above $1,050 in bitcoin cash price against the US Dollar. The price tested the $950-960 support zone on a couple of occasions. There was no downside break below $950 and the price remained confined in a range. There were a couple of swing moves, but upsides were capped by the $1,020 resistances and the 100 hourly simple moving average.
The recent swing low was $976 with an upside move above the 23.6% Fib retracement level of the last drop from the $1,042 high to $976 low. However, there are many barriers on the upside waiting to prevent gains above $1,010 and $1,040. An immediate resistance is near the 50% Fib retracement level of the last drop from the $1,042 high to $976 low. There is also a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair.
Looking at the chart, the price is facing a tough challenge near the trend line, $1,040 and the 100 hourly simple moving average. A break above $1,010 and $1,040 could open the doors for more gains towards the $1,100 level in the near term. On the downside, the $950 level is an important support.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is struggling to move above the 50 level.
Major Support Level – $950
Major Resistance Level – $1,040
See Original Post
Author: Aayush Jindal
Disclaimer: The Top Crypto Feed website is a crypto news portal, financial discussion forum, and content curator/aggregator. Articles on TopCryptoFeed.com are provided for entertainment and informational purposes only. We are not an investment advisor and do not provide financial advice.
We can’t always review and verify all articles posted on Top Crypto Feed. Please independently research and verify any information found here before relying on it as fact. It’s also important to do proper due diligence and analysis, including consulting a professional financial advisor, before making any decision regarding investments or your personal finances. No content on Top Crypto Feed constitutes a recommendation to enter in any type of investment or to engage in any investment strategy presented on this website.