The Bitcoin Cash to USD trading pair is struggling to hold gains as it tests the $740 support level again. The good news is that despite the attempted downward correction, there is still a bullish trendline that has been formed with $742 support according to the price analysis of Aayush Jindal. To prevent any further decline, Bitcoin Cash must stay above the $740-$750 support levels against the USD. It must also remain above the 100 hourly SMA.
Bitcoin Cash to USD Trading Pair
Although Bitcoin Cash price is still holding its gains above the $740 level, it is important that the price action shifts the pair above the $780 level and if possible the $800 resistance level so it can regain the upside momentum. Earlier today, the decline extended below $780 which was serving as a support area. The Bitcoin Cash to USD trading pair later went even lower than the $750 support and all the way to the $740 support area. It formed a low around the $735 level before the price started recovering from losses. It managed to move above the 23.6% Fib retracement level of the last wave from $828 to $735.
Bitcoin Cash (BCH) Price Today / USD
The price settled above $740 which served as strong support that prevented further declines. It spiked above the 61.8% Fibonacci retracement level of the last slope from $828 to $735. Unfortunately, the price was unable to hold gains above $800 and moved lower again. At the time of writing, it was trading a little above the $760 support level and above the 100 hourly simple moving average.
Technical Analysis for Bitcoin Cash to USD Trading Pair
The price is still supported at the $740-$750 level because a correcting bullish trendline has formed at $742 on the hourly chart. The price is struggling to cross the $800 barrier. If it succeeds, it will get to $828 again. On the downside, if the $740 support doesn’t hold, the price will decline more and test the $700 level again.
The relative strength index is above 50 and the MACD is bearish on the hourly chart. The significant support is at $740 and the significant resistance is at $800.