[BCH] Bitcoin Cash Holders Can Expect a Temporary Recovery

Bitcoin cash price is keeping up with key support around $620 against the US dollar. BCH/USD are hoped to get back temporarily beyond the $650 mark.  Given below are the crucial points collected through a quick overview of Bitcoin Cash Price technical analysis. 

  • Bitcoin cash price got down even lower of the $620 mark at present against the US Dollar.
  • There is a fresh joining bearish trend mark establishing having resistance at $640 on the hourly chart of the BCH/USD pair. The data has been taken from Kraken.
  • The pair keeps getting support at the lower end around the $615-620 zone in upcoming terms.

Analysing the (BCH) Bitcoin Cash Price Move:

There were greater downfalls under the $630 mark in Bitcoin cash price in comparison with the US dollar. The price too broke the past low, and its trade value reached a fresh monthly low of $616.1. After that, it got little help and bounced back beyond the level of $620. At present, its trading value is approaching the 23.6% Fib retracement mark of the past downfall from the $724 at higher to $616 at a minimum.

More importantly, there is a relating bearish trend line establishing along resistance at $640 on the hourly chart of the BCH/USD pair. The trend line resistance around $640 is playing as a prime challenge for the traders. But, till the cost is beyond the $620 mark, it can be hoped to break the trend line. Beyond $640, the cost is expected to trade along the 100 hourly simple moving on average. The 100 hourly SMA is a little under the 50% Fib retracement mark of the past downfall from the $724 at maximum to $616 at the lower end.   

Hence, the $665-670 bandwidth may appear as the crucial challenge for the traders. On the other hand, the $620 support carries a lot of value. A break under the $620 support may make the path apparent for reaching the $600.

A peek into the technical indicators:

  • The hourly MACD for BCH/USD at present is within the bullish zone.
  • The hourly Relative Strength Index for BCH/USD is at present close to the 50 level.
  • The major support level is at $620, and the major resistance level is at $640.

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