Key Points
- Bitcoin cash price traded lower recently and tested the $440 support against the US Dollar.
- There was a break above a short-term declining channel with resistance at $441 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is struggling to gain momentum above the $450 and $455 resistance levels.
Bitcoin cash price is currently holding the $440 support against the US Dollar. BCH/USD needs to clear the $450 level and the 100 hourly SMA to gain traction.
Bitcoin Cash Price Analysis
There was no upside break above the $460 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and traded below the $450 support. There was also a close below the $450 level and the 100 hourly simple moving average. However, buyers successfully defended losses below the $440 support. The price formed a low at $438 and is currently consolidating.
It has moved back above the $440 level with a few positive signs. Moreover, there was a break above a short-term declining channel with resistance at $441 on the hourly chart of the BCH/USD pair. The pair is currently testing the 23.6% Fib retracement level of the recent slide from the $458 high to $438 low. More importantly, the 100 hourly SMA is positioned near the $444 level. Therefore, a proper break above the $444 level and the 100 hourly SMA is needed of an upside push. The next resistance is near the 50% Fib retracement level of the recent slide from the $458 high to $438 low at $448.
Looking at the chart, BCH price must stay above the $440 support level. If not, there is a risk of a downside push towards the $426 support.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 level.
Major Support Level – $440
Major Resistance Level – $450
