HomeAltcoin NewsBitcoin Cash Analysis: BCH Remains Supported On Dips For Fresh Rise

Bitcoin Cash Analysis: BCH Remains Supported On Dips For Fresh Rise

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  • Bitcoin cash price rallied once again towards the key $450 resistance level against the US Dollar.
  • The price failed near $450 and recently corrected lower below $420 and $400.
  • There is a key bullish trend line forming with support near $378 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair remains well bid on the downside and it seems like it could bounce back from $380 or $362.

Bitcoin cash price corrected lower recently after it was rejected near $450 against the US Dollar. BCH spiked below the $380 level, but it is likely to bounce back above $400 and $420 in the near term.

Bitcoin Cash Price Analysis

This week, bitcoin cash price traded higher above the $430 and $440 levels against the US Dollar. The BCH/USD pair traded close to the key $450 resistance level, where sellers emerged. A swing high was formed at $448.6 before the price started a downside correction. It traded below the $440 and $430 support levels. Moreover, there was a break below the $410 support and the 55 simple moving average (4-hours).

The decline got traction below the 50% Fib retracement level of the last wave from the $336 swing low to $448 high. Finally, there was a spike below the $380 support level, plus the 61.8% Fib retracement level of the last wave from the $336 swing low to $448 high. However, the decline was protected near $372. There is also a key bullish trend line forming with support near $378 on the 4-hours chart of the BCH/USD pair. If there is downside break below the trend line, the pair could decline further below the $370 and $362 support levels.

The next key support is at $340, where buyers are likely to protect additional losses. At the outset, the price is currently moving higher and trading above $390 and the 55 SMA. However, the $405 and $410 levels are acting as strong hurdles. A convincing break above the $420 resistance is likely to open the doors for more gains. The next major resistance is at $450, above which the price could test $472.

Bitcoin Cash Price Analysis BCH CHart

Looking at the chart, bitcoin cash price is clearly facing a strong resistance near $415 and $450. Having said that, there are many key supports on the downside near the $380 and $362 levels. As long as the price is above $362, it could bounce back above $415 and $420.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving lower and recently decline below 50.

Key Support Levels – $380 and $362.

Key Resistance Levels – $415 and $450.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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