Bitcoin Cash (BCH) went on an upwards rally in an attempt to recover from a torrid period in crypto markets. The basic bearish pattern highlighted yesterday remains intact with significant resistance at the 760 USD level via the hourly chart according to cryptocurrency writer Aayush Jindal. From the charts we can see that the pair of BCH/USD have moved beyond the 760 USD, 770 USD and 775 USD resistance levels to gain traction. It shows that Bitcoin Cash (BCH) price has struggled to break the 775 USD resistance level against the USD. The BCH/USD pair may end up trading in a range before imitating an attempt to break above the 770 USD to 780 USD levels.
Upward Hurdle For Bitcoin Cash (BCH)?
We can see a minor upside shift above 700 USD. The pair managed to drift above 750 USD which is a resistance zone. It also traded with some bullish moves. A break can be seen above the 38.2 percent Fibonacci retracement level from the last drop at the 904 USD high to 665 USD low. The price faced stronger resistance zones near the 770 USD and 780 USD ranges, which prevented any further gains.
Bitcoin Cash (BCH) Price Today / USD
Yesterday’s highlighted significant bearish trend line remains intact with significant resistance at the 760 USD level on the hourly chart. The 50 percent Fibonacci retracement level from the last drop at the 904 USD high to the 665 USD low, appears to also act as resistance. The 100 hour SMA is positioned with the pattern and resistance near the 760 USD range. Hence, the price has to shift above 760 USD, 770 USD and 775 USD resistance levels for a recovery in the near term
Bitcoin Cash (BCH) Price Analysis For The BCH/USD Pair
From the chart, prices may perhaps go on to trade below the 780 USD range for a few trade sessions. However, if there is a break beyond the 775 USD and 780 USD resistance levels, there could be a shift above the 800 USD level.