Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Losses Below $520

2018-11-11 07:28

Key Points

Bitcoin cash price started a major downside correction from the $635 swing high against the US Dollar. There is a key bearish trend line in place with resistance at $550 on the 4-hours chart of the BCH/USD pair (data feed from Kraken). The pair is currently trading in a bearish zone with an immediate support near the $530 level.

Bitcoin cash price is under pressure below $550 against the US Dollar. BCH/USD could continue to move down towards the $500 or $480 level.

Bitcoin Cash Price Analysis

This past week, there was a decent upward move from the $480 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $520 and $550 resistance levels and settled above the 100 simple moving average (4-hours). The upside move gained pace above the $600 and the price traded as high as $637. Later, there was a downside correction and the price moved below the $580 and $550 supports.

The price traded as low as $521 and it is currently consolidating losses. An initial resistance on the upside is near $545-550. The 23.6% Fib retracement level of the recent slide from the $538 swing high to $521 low is also near $550. More importantly, there is a major bearish trend line in place with resistance at $550 on the 4-hours chart of the BCH/USD pair. Therefore, a break above the trend line and $555 is needed for a recovery. However, the price is likely to struggle near the $575-580 resistance zone. Besides, the 50% Fib retracement level of the recent slide from the $538 swing high to $521 low is also near $580.

Looking at the chart, BCH price may surpass the $550 resistance, but it is likely to face a strong resistance near $575-580. Therefore, it could even break the $521 low and decline towards $500 or $480.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is back in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Level – $520

Major Resistance Level – $580

The post Bitcoin Cash Price Weekly Analysis: BCH/USD Could Extend Losses Below $520 appeared first on NewsBTC.

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Bitcoin Cash (BCH) на Currencies.ru

$ 338.75 (+0.39%)
Объем 24H $269.306m
Изменеия 24h: 1.34 %, 7d: -10.93 %
Cегодня L: $323.25 - H: $338.78
Капитализация $6.702b Rank 14
Цена в час новости $ 536.5 (-36.86%)

bch bitcoin usd cash price pair bearish

Источник: newsbtc.com

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