Analytics

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

Essential Factors

  • Bitcoin funds rate is less than a good deal of pressure right after it broke the $150 guidance in opposition to the US Dollar.
  • There is a main declining channel fashioned with resistance near $135 on the hourly chart of the BCH/USD pair (facts feed from Kraken).
  • The pair is at this time trading in the vicinity of $125 and it may possibly slide additional to the $100 level in the in close proximity to phrase.

Bitcoin income price tag registered large losses from the $200 swing superior in opposition to the US Dollar. BCH/USD could continue to go down in direction of the $100 level.

Bitcoin Cash Cost Assessment

Yesterday, we discussed that bitcoin money price tag may perhaps slide more toward $125 from the US Greenback. The BCH/USD pair did trade reduced soon after it broke the $150 and $145 assist stages. The decline was this kind of that the price even broke the $130 amount and traded near to $125. It is now positioned very well underneath the $140 degree and the 100 hourly very simple moving average.

The latest very low was formed close to $126 and the present-day price tag action indicates extra gains. On the upside, an first resistance is near the 23.6% Fib retracement degree of the very last drop from the $158 swing large to $126 lower. More importantly, there is a big declining channel shaped with resistance in close proximity to $135 on the hourly chart of the BCH/USD pair. The pair is extremely not likely to trade higher than the $135 and $140 resistance amounts in the quick time period. Higher than $140, the upcoming resistance is the 50% Fib retracement degree of the past drop from the $158 swing significant to $126 lower. On the draw back, a close underneath the $125 amount could press the selling price in direction of $110 or $100.

Wanting at the chart, BCH cost is obviously in a significant downtrend beneath $150. It is most likely to slide more in the direction of $120, $110 or $100.

Hunting at the technological indicators:

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

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

Big Guidance Level – $120

Major Resistance Level – $135

Source

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