link2205 link2206 link2207 link2208 link2209 link2210 link2211 link2212 link2213 link2214 link2215 link2216 link2217 link2218 link2219 link2220 link2221 link2222 link2223 link2224 link2225 link2226 link2227 link2228 link2229 link2230 link2231 link2232 link2233 link2234 link2235 link2236 link2237 link2238 link2239 link2240 link2241 link2242 link2243 link2244 link2245 link2246 link2247 link2248 link2249 link2250 link2251 link2252 link2253 link2254 link2255 link2256 link2257 link2258 link2259 link2260 link2261 link2262 link2263 link2264 link2265 link2266 link2267 link2268 link2269 link2270 link2271 link2272 link2273 link2274 link2275 link2276 link2277 link2278 link2279 link2280 link2281 link2282 link2283 link2284 link2285 link2286 link2287 link2288 link2289 link2290 link2291 link2292 link2293 link2294 link2295 link2296 link2297 link2298 link2299 link2300 link2301 link2302 link2303 link2304 link2305 link2306 link2307 link2308 link2309 link2310 link2311 link2312 link2313 link2314 link2315 link2316 link2317 link2318 link2319 link2320 link2321 link2322 link2323 link2324 link2325 link2326 link2327 link2328 link2329 link2330 link2331 link2332 link2333 link2334 link2335 link2336 link2337 link2338 link2339 link2340 link2341 link2342 link2343 link2344 link2345 link2346 link2347 link2348 link2349 link2350 link2351

Tag: Bitcoin cash crash

Bitcoin Cash Price Technical Analysis – BCH USD Crashes Below $700

Bitcoin Cash Price Technical Analysis — BCH/USD Crashes Below $700

Key Points

  • Bitcoin cash price struggled to move higher and declined sharply below the $700 level against the US Dollar.

  • There are two key bearish trend lines forming with resistances near $750 and $850 on the hourly chart of the BCH/USD pair (data feed from Kraken).

  • The pair may continue to struggle, and it could even trade towards $600 in the near term.

Bitcoin cash price faced a lot of heat and declined sharply against the US Dollar. BCH/USD even traded below he $700 level and it remains at a risk of more losses.

 

Bitcoin Cash Price Downside

There was a lot of increase in selling pressure, resulting in a push below the $750 support in bitcoin cash price against the US Dollar. The price declined heavily and even broke the $700 level. A low was formed at $679 from where a minor correction was initiated. At the moment, the price is well below the $750 level and the 100 hourly simple moving average.

There are many bearish signs on the chart with a daily close below $750. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $898 high to $679 low. More importantly, there are two key bearish trend lines forming with resistances near $750 and $850 on the hourly chart of the BCH/USD pair. The first trend line is very important since it is near $750 pivot level. Moreover, the 50% Fib retracement level of the last decline from the $898 high to $679 low is also around the trend line.

 

herefore, any upsides are likely to be capped by the $720 and $750 levels. On the downside, the price may soon break the $650 level for more losses.

 

Looking at the technical indicators:

Hourly MACD — The MACD for BCH/USD is gaining downside momentum in the bearish zone.

Hourly RSI (Relative Strength Index) — The RSI for BCH/USD is now around the 30 level.

Major Support Level — $650

Major Resistance Level — $750

 

Author AAYUSH JINDAL | MARCH 30, 2018 | 4:08 AM

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member