Key Points
- Bitcoin cash price declined heavily towards $150 before recovering a few points against the US Dollar.
- There is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the $185, $190 and $200 resistance levels to move into a positive zone.
Bitcoin cash price tumbled and tested the $150 level against the US Dollar. BCH/USD is currently recovering, but it is facing a solid resistance near $185-190.
Bitcoin Cash Price Analysis
There was a sharp downside move from the $200 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined more than $50 and traded towards the $150 level. A new yearly low was formed at $147 and the price settled well below the 100 hourly simple moving average. Later, there was an upside correction and the price moved above $150 and $160.
There was a break above the 50% Fib retracement level of the last decline from the $209 high to $147 low. However, the upside move was capped by the $190 level, which was a support earlier. Moreover, there is a major bearish trend line in place with resistance at $185 on the hourly chart of the BCH/USD pair. The pair was also rejected near the 61.8% Fib retracement level of the last decline from the $209 high to $147 low. The price started a fresh decline and it is currently trading below $180. To jump higher, the price must break the $185, $190 and $200 resistance levels.
Looking at the chart, BCH price could decline towards $165 and $160 if there is a break above the $185 and $190 resistances. Above $190, the next hurdles is at $200.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – $160
Major Resistance Level – $190