Given below are key points of Bitcoin Cash price study:
- Bitcoin cash price couldn’t manage to go beyond $725 and witnessed sharp downfall in comparison with the US Dollar.
- A break was witnessed under a key bullish trend line with support around $680 on the hourly chart of the BCH/USD pair. This data has been taken from Kraken.
- The pair returns the past swing minimal point of $625, and it holds possibilities of greater losses.
A look at the declining Bitcoin Cash Price
It appears as of the past upward movement was finished at $725 in bitcoin cash price in comparison to the US dollars. The price initiated with a downward movement and broke various supports, like $700 and $680. A close also occurred under the $680 support and the 100 hourly simple moving on average. Traders got control and took the cost even lower at the $650 support point to set the stage for the further downfall.
Moreover, a break was witnessed under a crucial, bullish trend line through the support around $680 at the hourly chart of the BCH/USD pair. The pair is currently trading around the past swing minimal point of $625. If the traders got the hilt, the break might happen under the $625 point. In such occasion, the price is said to reach a new low of around $600. On the other hand, early resistance is near the 23.6% Fib retracement point of the past downfall from the $724 maximum to $630 at the lower.
However, the toughest challenge is around the $670 level and the 100 hourly simple moving on average. A break beyond the $670 level is essential for a fresh recovery any time sooner.
An insight into the technical indicators:
The hourly MACD for BCH/USD comes back within its bearish zone. Hourly Relative Strength Index for BSH/USD is currently much under the 40 level. On the other hand, the major support level is at $625, and the major resistance level is at $670.
- Bitcoin Technical Analysis as on 5th April
- Ripple Technical Analysis as on 5th April
- Litecoin Price on 5th April
- Ethereum Classic Technical Analysis 5th April