The price of BCH failed to recover against the USD as it declined more below the $740 level. There was a crucial bearish trendline highlighted earlier this week and it remained intact on the charts this morning. There was resistance formed at $745 on the hourly chart for BCH to USD. The BCH to USD trading pair is going to move to the $680 level soon if the price action doesn’t change today. The price of BCH declined heavily below $745 as it remains at risk of going below the $700 level.
The Price Of BCH Against The USD
Bitcoin Cash (BCH) has been on a decline for the last few trading sessions. Yesterday, the price attempted a minor recovery when it crossed the $750 level. Unfortunately, Bitcoin Cash could not hold the gains above the level declining below $750 before the end of the trading session. The price of BCH moved below the $750 and $740 support levels trading close to the $700 level as it formed a low at $705. The price action is currently negative because the price is below the 100 hourly SMA and below the $750 level.
Bitcoin Cash (BCH) Price Today – BCH / USD
If Bitcoin Cash doesn’t hold above the $705 low, it is going to decline below $700 and the next support will be around $680 soon. This may act as a buy zone for a while but if it doesn’t hold, the price may move even lower to the $650 support area. Upside, there is an initial resistance at the 23.6% Fibonacci retracement level from the last slope from $840 to $705. The bearish trendline that was highlighted this week is still intact. The next resistance above this trendline will be near the $770 level and the 100 hourly simple moving average. This is according to the price analysis of Aayush Jindal.
The technical indicators of the price of BCH show that the hourly MACD is bearish and the relative strength index is moving near the oversold levels. There is a major resistance at $745 and a major support at $705.