NEWS BITCOIN: Bitcoin Cash Price Analysis: BCH/USD Sliding Towards $550

Key Factors

  • Bitcoin money worth declined not too long ago and broke the $575-580 assist in opposition to the US Greenback.
  • There’s a main bearish development line in place with resistance at $582 on the hourly chart of the BCH/USD pair (knowledge feed from Kraken).
  • The pair could proceed to slip and it might even check the $550 assist degree within the close to time period.

Bitcoin money worth prolonged declines beneath $600 in opposition to the US Greenback. BCH/USD is at the moment underneath stress and it appears set to check the $550 assist.

Bitcoin Money Worth Evaluation

Yesterday, we noticed an prolonged draw back correction beneath the $600-605 assist in bitcoin money worth in opposition to the US Greenback. The BCH/USD pair traded beneath the $575-580 assist space to maneuver into a brief time period bearish zone. Furthermore, there was a detailed beneath the $600 degree and the 100 hourly easy transferring common. Throughout the decline, the value even surpassed the 61.eight% Fib retracement degree of the final wave from the $533 low to $638 swing excessive.

The worth not too long ago examined the $560 assist and it’s at the moment consolidating losses. An preliminary resistance is close to the 23.6% Fib retracement degree of the current decline from the $638 excessive to $559 low. Apart from, there’s a main bearish development line in place with resistance at $582 on the hourly chart of the BCH/USD pair. Patrons must push the value above the development line and the $580 resistance to resume uptrend. Above the development line, the 100 hourly SMA is close to $590 to behave as a resistance.

Wanting on the chart, BCH worth is at the moment underneath stress beneath the $600 degree and the 100 hourly easy transferring common. So long as there isn’t any shut above $600, there are probabilities of extra slides in the direction of the $550 assist degree.

Wanting on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BCH/USD is now nicely beneath the 40 degree.

Main Help Degree – $550

Main Resistance Degree – $590

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