The cryptocurrency market has managed to maintain the gains of last week’s rally for a while now but the declines are slowly setting in. Maintaining the gains above $720 is crucial for BCH in today’s Bitcoin Cash price analysis. The Bitcoin Cash to USD pair fell below the $760 support area in the early hours of today’s trading. The pair also broke a significant bullish trend line at $748. At the time of writing, the trading pair was struggling to hold the $720 support. It has to hold this support level to prevent further decline although this level doesn’t encourage an upside momentum.
Bitcoin Cash Price Analysis According to NewsBTC’s Aayush Jindal
The price action had two rejections. One at $760 and another at $770 against the USD. After that, it started a downward slope and fell below the $750 support area. There was a close at the 100 hourly SMA and the $750 pivot level. These signs from the Bitcoin Cash price analysis suggest that Bitcoin Cash is struggling to move above the $770 level.
Bitcoin Cash (BCH) Price Today / USD
While the price was declining, it broke below a significant bullish trendline that had support against $748. It traded near the $720 support and was trading in range at the time of writing. The Bitcoin Cash to USD trading pair touched the 23.6% Fibonacci retracement level of the last wave from $810 to $716. A strong resistance formed near $750 along with a bearish trendline. This means that the price needs to move above $750 to resume the upward rally.
Technical Indicators of the Bitcoin Cash Price Analysis
From the technical indicators, we can conclude that the price must maintain levels that are above the $720 support to avoid more declines. If it doesn’t hold this level, it may fall as low as $700 soon. The upside has a hurdle at $770. The relative strength index is below 50 and the MACD is moving to the bullish zone slowly. Traders should look out for the significant support levels at $720 and the significant resistance level at $750.