Bitcoin Cash Price Technical Analysis – BCH/USD Struggling Below $1,220 — Nigeria Today
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Bitcoin Cash Price Technical Analysis – BCH/USD Struggling Below $1,220

Key Points

  • Bitcoin cash price remains in a bearish zone below the $1,200-20 resistance area against the US Dollar.
  • There is a major bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair must stay above the $1,100 support area to avoid further declines in the near term.

Bitcoin cash price is struggling to move above the $1,220 resistance against the US Dollar. BCH/USD may even break the $1,100 support for further declines.

Bitcoin Cash Price Decline

This past week, we saw a fresh downside move below $1,250 in bitcoin cash price against the US Dollar. The price even traded and settled below the $1,200 support. It recently formed a low at $1,118 and is currently trading in a tiny range. It has moved above the 23.6% Fib retracement level of the last decline from the $1,286 high to $1,118 low. However, there are many resistances on the upside towards the $1,250 level.

An initial resistance is around the $1,200 level and the 100 hourly simple moving average. The stated $1,200 level is also the 50% Fib retracement level of the last decline from the $1,286 high to $1,118 low. Above the stated $1,200, there is a major bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD. The trend line resistance is near the 61.8% Fib retracement level of the last decline from the $1,286 high to $1,118 low.

Bitcoin Cash Price Technical Analysis BCH USD

Therefore, it seems like the $1,200-1,220 resistance region is a crucial barrier for buyers. As long as the price is below $1,220, it remains at a risk of more declines in the near term. Below $1,100, the price may decline towards $1,050.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just moved above the 50 level.

Major Support Level – $1,220

Major Resistance Level – $1,100

 

Charts courtesy – SimpleFX

The post Bitcoin Cash Price Technical Analysis – BCH/USD Struggling Below $1,220 appeared first on NewsBTC.

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