Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price broke the $170 and $165 support levels plus extended losses against the US Dollar.
- There is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently under a lot of pressure and it could decline further below $150.
Bitcoin cash price faced an increased selling pressure below $175 against the US Dollar. BCH/USD could even break the $150 support level and trade towards $130.
Bitcoin Cash Price Analysis
After failing near the $175 resistance, bitcoin cash price started a fresh decline against the US Dollar. The BCH/USD pair extended declines recently and broke the $170 and $165 support levels. The price is now trading well below the $170 level and the 100 hourly simple moving average. Earlier, there was an upward move, but the price failed to break the $175 and $180 resistance levels.
During the recent decline, the price broke the $160 support and traded as low as $154. The price is currently consolidating above $150 and it is preparing for the next move. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $176 high to $154 low. However, the main resistance is near the $170 level. Moreover, there is a major bearish trend line formed with resistance near $168 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $176 high to $154 low.
Looking at the chart, BCH price is likely to break the $154 low and if sellers gain strength, they may even break $150. The next major support below $150 is near the $130 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 now below the 40 level.
Major Support Level – $155
Major Resistance Level – $170