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

Key Points

  • Bitcoin cash price started a downside correction from $1,200 and declined below $1,100 against the US Dollar.
  • There was a break below a major bullish trend line with support at $1,140 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to stay above the $1,070 level and the 100 hourly simple moving average to avoid more losses.

Bitcoin cash price trimmed most of its gains against the US Dollar. BCH/USD is now below $1,140 and is struggling to hold the 100 hourly SMA.

Bitcoin Cash Price Support

After trading above the $1,200 level, bitcoin cash price faced sellers against the US Dollar. The price formed a top at $1,209 and started a downside move. It broke a few important support near the $1,180 and $1,140 levels. Moreover, there was even a break below the 50% Fib retracement level of the last leg from the $1,057 low to $1,209 high.

The slide was substantial as the price moved below the $1,100 support. More importantly, there was a break below a major bullish trend line with support at $1,140 on the hourly chart of the BCH/USD pair. The pair is currently trading just above the $1,070 support and the 100 hourly simple moving average. The stated $1,070 level already acted as a strong support once, which is why it holds a lot of importance. If the price fails to stay above $1,070 and the 100 hourly SMA, there could be more declines towards $1,040 and $1,000.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the next major support sits near the 1.236 Fib extension level of the last leg from the $1,057 low to $1,209 high at $1,020. Therefore, the price must hold the 100 hourly SMA and $1,070 to avoid more slides.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 30 level.

Major Support Level – $1,070

Major Resistance Level – $1,140

See Original Post

Author: Aayush Jindal

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