Blocked because of Ad Blocker
It seems that you are using some ad blocking software which is preventing the page from fully loading. Please whitelist this website or disable ad blocking software.
- Bitcoin cash price dipped towards the $435 support and recovered against the US Dollar.
- There is a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains supported on dips near the $440 and $435 levels in the near term.
Bitcoin cash price is holding key supports against the US Dollar. BCH/USD may continue to consolidate before the next leg either above $460 or below $430.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price turned buy on dips near the $435 support against the US Dollar. The BCH/USD pair recently declined a few points after forming a high near $452. It moved below the $445 and $440 levels. There was also a break below the 23.6% Fib retracement level of the upside move from the $422 low to $453 swing high.
However, buyers managed to hold losses below the $435-440 support zone along with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the upside move from the $422 low to $453 swing high also acted as a support. The current price action is stable above the $435 support. There is also a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair. As long as the price is above the trend line, $435, and the 100 hourly SMA, it remains supported on dips. On the upside, the price is facing tough resistances near the $450 and $460 levels.
Looking at the chart, BCH price may consolidate in the short term above the $435 support. If sellers break the stated support, there could be a push towards the $420 level.
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 just above the 50 level.
Major Support Level – $435
Major Resistance Level – $450
The post Bitcoin Cash Price Analysis: BCH/USD Holding Key Support Near $435 appeared first on BitcoinLinux.