Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines
Bitcoin cash price is under pressure and is currently trading below $920 against the US Dollar.
There is a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair may continue to move down and it could soon break the $875 support level.
Bitcoin cash price is in a bearish trend below $1,000 against the US Dollar. BCH/USD could accelerate declines towards $800 as long as it is below $960.
Bitcoin Cash Price Decline
There were further declines noted in bitcoin cash price below the $1,000 level against the US Dollar. The price corrected a few points yesterday, but the upside move was capped by the $1,000 level. A fresh downward wave was initiated and the price settled well below the $1,000 level and the 100 hourly simple moving average. It even broke the $950 and $900 support levels.
A low was formed at $872 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $1,000 high to $872 low. There is also a short-term bearish trend line formed with resistance at $900 on the hourly chart of the BCH/USD pair. Above the trend line, the next hurdle for buyers is near the $935 level. It is the 50% Fib retracement level of the last decline from the $1,000 high to $872 low. Moreover, there is another crucial bearish trend line with resistance at $970.
Looking at the chart, the price is clearly in a major downtrend. If sellers remain in control, the price may break soon break the $875 and $850 levels. On the upside, the $960 and $970 levels are important resistances.
Looking at the technical indicators:
Hourly MACD The MACD for BCH/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BCH/USD is near the oversold levels.
Major Support Level $850
Major Resistance Level $960
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