Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Bitcoin Cash Price Technical Analysis – BCH/USD Drops Below $850
  • 2 Vote(s) - 1 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: Bitcoin-Cash-price-analysis-1-1.png]
Key Points
  • Bitcoin cash price is struggling a lot and it moved below the $900 and $850 levels against the US Dollar.

  • There are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD (data feed from SimpleFX).


  • The pair is about to break the recent low of $819 for a move towards or below $800.


Bitcoin cash price is under a lot of pressure below $850 against the US Dollar. BCH/USD is likely to extend declines below the $800 level in the near term.

Bitcoin Cash Price Decline

It seems like there is no stopping sellers since bitcoin cash price tumbled below the $900 and $850 levels against the US Dollar.

The price recently formed a low at $819 and started an upside correction.

It traded above the 23.6% Fib retracement level of the decline from the $1,161 high to $819 low. However, the correction wave could not last long above the $900 level.

BCH failed to move above the $950 level and the 38.2% Fib retracement level of the decline from the $1,161 high to $819 low.

On the upside, there are two bearish trend lines forming with resistance at $920 and $1,080 on the hourly chart of BCH/USD. 

The pair is moving lower once again is currently trading below $850.

It seems like the pair may continue to move down and it could test $800.

There are even chances of a downside break below the $800 level in the near term.


[Image: Bitcoin-Cash4.png?resize=1200%2C520&ssl=1]

On the upside, the $900 level is a major resistance area.

A proper close above $900 is needed for BCH to initiate a fresh recovery in the near term.


Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining heavy momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is slightly recovering from the oversold levels.

Major Support Level – $800

Major Resistance Level – $900
Reply
#2
It is very important to do analysing whatever option we pick. I prefer FreshForex, which is truly amazing by all means given their pretty setup that include every option that you want to see from low spreads to high leverage, bonuses and many such facilities. It makes them absolutely awesome to work with. The topping on the cake is their Market Analysis, it’s awesome by all means and keeps me comfortable.
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  Price prediction of BitBean by the end of year 2018 onlinedollars 1 928 03-09-2019, 09:43 PM
Last Post: Milner
  Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, NEM, NEO, EOS 31jan ayumu 1 230 03-09-2019, 09:32 PM
Last Post: Milner
  Market FORECAST -  Bitcoin analysis Bitfinex ginzbitcoin 1 362 03-08-2019, 02:09 PM
Last Post: Milner
  Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: 26feb ayumu 1 643 03-08-2019, 01:32 PM
Last Post: Milner
  Earn Bitcoin locking your downloads, files, links, apps, and products jonnwick 1 242 02-07-2019, 08:36 PM
Last Post: Milner
01 information Best platform for trading bitcoin, altcoin, and token adigunawanxd 7 808 02-07-2019, 08:10 PM
Last Post: Milner
  bitcoin visa mastercard and wallet jonnwick 0 289 05-02-2019, 11:10 AM
Last Post: jonnwick
  Buy/Sell ::: STELLAR Bitcoin Vanilla Ethereum Ebay GreenDot iTunes Target Walmart AndreXchange 5 939 05-02-2019, 07:32 AM
Last Post: AndreXchange
  Announcements Market Analysis is not an optional part. Milner 0 191 05-12-2018, 04:02 PM
Last Post: Milner
  Bitcoin Price Slipping From $600, Downside Risk san2ok 3 849 05-12-2018, 03:20 PM
Last Post: Milner



Users browsing this thread: 1 Guest(s)