Bitcoin Cash Price Analysis: BCH/USD Primed To Test $100

Key Issues

  • Bitcoin money worth is beneath numerous drive after it broke the $150 improve in opposition to the United States Greenback.
  • There’s a primary declining channel shaped with resistance close to $135 at the hourly chart of the BCH/USD pair (knowledge feed from Kraken).
  • The pair is recently buying and selling close to $125 and it’s going to slide additional against the $100 degree within the close to time period.

Bitcoin money worth registered heavy losses from the $200 swing prime in opposition to the United States Greenback. BCH/USD may just proceed to transport down against the $100 degree.

Bitcoin Money Worth Research

The day prior to this, we mentioned that bitcoin money worth would possibly slide additional against $125 in opposition to the United States Greenback. The BCH/USD pair did business decrease after it broke the $150 and $145 improve ranges. The decline used to be such that the fee even broke the $130 degree and traded just about $125. It’s now situated neatly beneath the $140 degree and the 100 hourly easy transferring reasonable.

The new low used to be shaped close to $126 and the present worth motion suggests extra good points. At the upside, an preliminary resistance is close to the 23.6% Fib retracement degree of the final decline from the $158 swing prime to $126 low. Extra importantly, there’s a primary declining channel shaped with resistance close to $135 at the hourly chart of the BCH/USD pair. The pair could be very not going to business above the $135 and $140 resistance ranges within the quick time period. Above $140, the following resistance is the 50% Fib retracement degree of the final decline from the $158 swing prime to $126 low. At the problem, an in depth beneath the $125 degree may just push the fee against $110 or $100.

Bitcoin Cash Price Analysis BCH Chart

Taking a look on the chart, BCH worth is obviously in an important downtrend beneath $150. It’s prone to slide additional against $120, $110 or $100.

Taking a look on the technical signs:

Hourly MACD – The MACD for BCH/USD is positioned within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BCH/USD is easily beneath the 30 degree.

Main Improve Degree – $120

Main Resistance Degree – $135

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