Key Points
- Bitcoin cash price is still consolidating in a range above the $1,150 support level against the US Dollar.
- There was a break below a short-term contracting triangle with support at $1,245 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair may decline toward the $1,150 support, which holds the key in the near term.
Bitcoin cash price is trading in a range and failed to move above $1,350 against the US Dollar. BCH/USD could decline in the short term, but remains supported above $1,150.
Bitcoin Cash Price Support
There were mostly range moves in bitcoin cash price above $1,150 during the past few sessions against the US Dollar. The price failed to move above the $1,350 level and made a minor downside move. It settled below the 23.6% Fib retracement level of the leg up from the $934 low to $1,371 high. It seems like the price is slightly struggling below the $1,250 level and the 100 hourly simple moving average.
It is slowly moving lower and traded below the $1,240 level. Moreover, there was a break below a short-term contracting triangle with support at $1,245 on the hourly chart of BCH/USD. The pair may decline further towards the lower end of the range near $1,150. The mentioned $1,150 support is a very important buy zone since it prevented declines on many occasions. It is also close to the 50% Fib retracement level of the leg up from the $934 low to $1,371 high.
Therefore, if the price corrects further the $1,170 and $1,150 levels are likely to act supports. On the upside, the price has to move above the $1,250 level to retest the $1,350 resistance area.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly in the bearish zone, but with a flat structure.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just moved below the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,350
Charts courtesy – SimpleFX
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