Bitcoin Cash Price Analysis: BCH/USD Holding Key Support Near $440

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Key Points

  • Bitcoin cash price traded lower recently and tested the $440 support against the US Dollar.
  • There was a break above a short-term declining channel with resistance at $441 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is struggling to gain momentum above the $450 and $455 resistance levels.

Bitcoin cash price is currently holding the $440 support against the US Dollar. BCH/USD needs to clear the $450 level and the 100 hourly SMA to gain traction.

Bitcoin Cash Price Analysis

There was no upside break above the $460 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair started a downside move and traded below the $450 support. There was also a close below the $450 level and the 100 hourly simple moving average. However, buyers successfully defended losses below the $440 support. The price formed a low at $438 and is currently consolidating.

It has moved back above the $440 level with a few positive signs. Moreover, there was a break above a short-term declining channel with resistance at $441 on the hourly chart of the BCH/USD pair. The pair is currently testing the 23.6% Fib retracement level of the recent slide from the $458 high to $438 low. More importantly, the 100 hourly SMA is positioned near the $444 level. Therefore, a proper break above the $444 level and the 100 hourly SMA is needed of an upside push. The next resistance is near the 50% Fib retracement level of the recent slide from the $458 high to $438 low at $448.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price must stay above the $440 support level. If not, there is a risk of a downside push towards the $426 support.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 level.

Major Support Level – $440

Major Resistance Level – $450

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