Bitcoin Cash (BCH) is declining slowly falling below the $830. Yesterday, there was a highlighted bearish trend line that had resistance around $825 on the hourly chart. If the cryptocurrency is to gain more momentum, it must move above the $825 and $830 resistance levels. Bitcoin Cash is trading bearish and it has surpassed the 100 hourly simple moving average ready to enter the bullish zone.
Bitcoin Cash Price Analysis Against The USD
Over the last few trading sessions, there has been a steady decline away from the $840 resistance against the USD. The Bitcoin Cash to USD pair settled below $830 and below the 100 hourly SMA. This is a bearish sign. The Bitcoin Cash to USD pair even broke the support at $800 forming a new low at the $785 level. The cryptocurrency later recovered moving above the 38.2% Fibonacci retracement level of the last fall from $840 to $785.
Bitcoin Cash (BCH) Price Today – BCH / USD
However, there was an upside move that was capped by the 100 hourly simple moving average and at the $815 level. There wasn’t any proper break above the 50%Fibonacci retracement level of the last wave from $840 to $785. It appears that the price is struggling to break out of the $815 which is also the 100 hourly SMA. Above this level, there was a highlighted crucial bearish trend line intact that had resistance around the $825 level between the Bitcoin Cash and USD pair. The pair will be required to cross the 100 hourly simple moving average short-term to accumulate gains.
Bitcoin Cash To USD Technical Analysis
From the technical indicators, Bitcoin Cash may move down if it is unable to break the resistances at $815 and $825. Currently, the support level is at $780. The relative strength index is near 50 and the MACD on the hourly chart is in the bullish territory. The significant support level is at $800 while the significant resistance is at $825.