Filed Under:  Bitcoin Trading

Bitcoin Cash Price Technical Analysis – BCH/USD Approaching Support

30th October 2017   ·   0 Comments

 

Key Points

  • Bitcoin cash price after a monstrous upside move towards $500 against the US Dollar started a downside correction.
  • There is a bullish trend line forming with support at $405 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price remains supported on the downside near $405 and $400 levels in the short term.

Bitcoin cash price is currently correcting lower from $518 against the US Dollar. BCH/USD might find support near $400 for the next move.

Bitcoin Cash Price Support

Finally, there was a major upside break in Bitcoin cash price above $350 against the US Dollar. The price rocketed higher and broke many resistance levels such as $350, $400 and $450. There was even a break above the $500 handle and the price traded as high as $518.9. Later, sellers appeared and the price started a downside correction. It moved down and traded below the $450 level and the 50% Fib retracement level of the last wave from the $375 low to $518 high.

However, the price is approaching a major support area near $400, which was a resistance earlier. There is also a bullish trend line forming with support at $405 on the hourly chart of BCH/USD. Moreover, the 76.4% Fib retracement level of the last wave from the $375 low to $518 high is also close to $405. Therefore, the $405-400 levels are likely to act as a strong support for buyers in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, an initial resistance is again $450. A break above it could push the pair back towards $500. Overall, the pair remains buy on dips near $400 as long as there is no close below $375.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has moved down sharply and is currently below the 50 level.

Major Support Level – $400

Major Resistance Level – $450

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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