Bitcoin Cash Analysis: Bulls Struggle Below $400

Bitcoin cash price is showing positive signs above $360 against the US Dollar, similar to bitcoin. BCH/USD must stay above $350 to start a fresh increase.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a base above the $320 level and started a fresh increase. BCH was able to clear the $350 resistance zone to move into a positive zone.

There was a clear move above the $365 resistance and the 55 simple moving average (4-hours). The price even surged above the $380 level. A high is formed near $391 and the price is now correcting lower. There was a drop below the $380 and $375 support levels.

The price traded below the 50% Fib retracement level of the upward move from the $351 swing low to $391 high. It is now consolidating near the $365 support and the 55 simple moving average (4-hours).

There is also a major bullish trend line forming with support near $362 on the 4-hours chart of the BCH/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $351 swing low to $391 high. The next major support is near the $350 level, below which the bears gain strength.

The next target for them may perhaps be near the $320 level. On the upside, the price is now facing resistance near the $380 level.

The next major resistance is near the $390 level. A clear break above $380 and $390 might start a fresh increase. In the stated case, the price could even clear the $400 resistance zone. The next major hurdle is near the $435 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $360 zone and the 55 simple moving average (4-hours). Overall, the price could correct lower, but the bulls might remain active near the $350 support zone.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Key Support Levels – $360 and $350.

Key Resistance Levels – $390 and $400.

Source: Read Full Article