Bitcoin cash price struggled to recover and it is currently moving lower against the US Dollar.Yesterday’s highlighted key bearish trend line is intact with resistance at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair could break to the downside below $434 if there is no break above $440 and $445.
Bitcoin cash price remains at a risk below $450 against the US Dollar. BCH/USD must break the $440 and $445 resistances to recover in the near term.
Bitcoin Cash Price Analysis
After trading as high as $445, Bitcoin cash price started a downside move against the US Dollar. The BCH/USD pair traded towards the $430 support area and formed a low near $434. Later, there was a minor upside recovery above the $435 level. The price moved above the 23.6% Fib retracement level of the last drop from the $445 high to $435 swing low. However, upsides remained capped by the $440 and $445 resistance levels.
Buyers failed to surpass the $440 resistance zone. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $440 on the hourly chart of the BCH/USD pair. Besides, the 50% Fib retracement level of the last drop from the $445 high to $435 swing low is also near $440. Therefore, a break above the $440 resistance is needed for a short term recovery. The next main resistances on the upside are near the $445 and $450 levels. On the downside, the $430 and $434 levels are important supports. Below these supports, the price could drop towards the $400 level.
Looking at the chart, BCH price is clearly in a downtrend as long as there is no upside break above the $440 and $450 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed below the 50 level.
Major Support Level – $434
Major Resistance Level – $440