Bitcoin Cash Price Analysis: BCH/USD Consolidating Below $1,500
Bitcoin cash rate failed to destroy the $1,500 resistance and continues to change in a vary against the US Dollar.
There is a non permanent bullish fashion line forming with aid at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is probable to consolidate in a vary beneath $1,500 before making the subsequent move.
Bitcoin money rate is currently consolidating under $1,500 against the US Dollar. BCH/USD need to remain above the $1,400 and $1,360 guide levels to stay in a bullish zone.
Bitcoin Cash Price Upside Hurdle
There had been a couple of swing moves in bitcoin money charge above the $1,360 guide stage against the US Dollar. The rate attempted to move above the $1,500 resistance on a couple of occasions. However, consumers failed to obtain upside momentum above $1,500. It seems like the charge is struggling to clear a sturdy sell wall near $1,500 and is presently following the 100 hourly simple transferring average.
It these days traded as excessive as $1,493 earlier than starting a draw back correction. It moved down under the 38.2% Fib retracement level of the ultimate leg from the $1,331 low to $1,493 high. However, the draw back move was restricted with the aid of the $1,400 guide area. There is additionally a temporary bullish trend line forming with aid at $1,400 on the hourly chart of the BCH/USD pair. Moreover, the 61.8% Fib retracement degree of the last leg from the $1,331 low to $1,493 high also acted as a help at some point of the current slide.
Looking at the chart, the charge need to settle above the $1,440 resistance and the a hundred hourly SMA to achieve momentum. A profitable close above a hundred hourly SMA may want to open the doorways for a destroy above the $1,500 resistance in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is presently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level.
Major Support Level – $1,400
Major Resistance Level – $1,500