The Bitcoin Cash to USD trading pair is facing strong resistance after moving to the $650 support territory and back. The bears are holding the line with resistance at $770 and $810 and the BCH/USD pair must break the resistance and settle above the $800 level to prevent declines and gain some momentum. Bitcoin Cash price is recovering slowly but hasn’t entered into the bullish zone fully.
Bitcoin Cash Price Analysis for July 1st
Throughout last week, the cryptocurrency market suffered a lot of losses. Bitcoin Cash price wasn’t left out. The cryptocurrency fell below $1,000 breaking the $800 and $700 support levels. It was only able to stay above the $650 level which prevented more losses. The BCH/USD pair subsequently formed support at the $651 level which pushed the price on the way to an upward recovery. It was able to regain some of the losses breaking the 23.6% Fibo level of the last fall from $931 to $651.
Bitcoin Cash (BCH) Price Today / USD
Unfortunately, the BCH/USD pair is facing a bearish hurdle near $800 with two bearish trendlines formed with resistance at the $770 and $810 levels. The 100 SMA is around a significant resistance level of $800, and the 50% Fibo level of the last slide from $931 to $651 is at the $791 territory.
BCH/USD Technical Analysis
The technical charts indicate that the pair must break the $800 level and settle above it if it is to move higher short-term. The $900 level is the next resistance above the $800-810 level, and the downside holds support at three levels: $650, $700, and $720.
The relative strength index is above 50 and the MACD on the 4-hour chart is in the bullish territory. Traders should look out for the significant resistance level of $810 and the significant support level at $700. The next few trading sessions will determine if the BCH/USD pair can overcome the resistance. If the $800 barrier is crossed, the coin will be on the way to $1000.