Bitcoin money price started a drawback move after it traded as large as $1,834 from the US Dollar. There's a crucial bullish trend line set up with assistance at $1,610 about the hourly chart of this BCH/USD set (data feed in Kraken). The set is presently analyzing a significant support area near $1,640, which might hold declines in the long run. Bitcoin money price stays encouraged above $1,600 from the US Dollar. BCH/USD is very likely to bounce back when the present correction is finished.
Bitcoin Cash Price Technical Analysis
Following a sharp upside movement, bitcoin money price formed a short term high near $1,834 from the US Dollar. The cost started a drawback correction and dropped under the $1,800 and $1,750 service amounts. Additionally, it traded under the 23.6% Fib retracement level of the previous leg in the $1,459 reduced to $1,834 high. But, there are lots of supports on the drawback above the $1,600 level.
The said $1,645 amount is behaving as a powerful help and preventing losses. Moreover, there's a crucial bullish trend line set up with assistance in $1,610 about the hourly chart of this BCH/USD pair. Therefore, there is apparently a major service zone over the $1,600 level. Provided that the cost is above the said $1,645 and $1,610 service amounts, it might bounce back.
Taking a look at the graph, there's a short-term resistance forming near the $1,750 level. A break over the said $1,750 amount can open the doors to get a push towards the $1,800 level. In the end, a break above $1,834 might call for an evaluation of $1,900.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well below the 50 level.
Major Support Level – $1,610
Major Resistance Level – $1,750