The price of Bitcoin Cash reports a decline of -12.67%, positioning the value below $ 775.
The price of Bitcoin Cash remains in a bearish zone and is currently trading below $ 880 against the US dollar.
An important downward channel is forming with a resistance close to $ 880 on the hourly chart of the BCH / USD pair.
The pair can correct some points in the short term, but the additional costs could be capped at $ 880 and $ 900.
The price of the BCH is struggling to rise more against the US dollar. BCH / USD is now well below the pivot levels of $ 900 and $ 950.
Bitcoin Cash trend
There is a solid downward trend in the price of the BCH since it broke the $ 900 level against the US dollar. The price also broke the support level of $ 880 recently and even passed the $ 850 level. A new minimum was formed at $ 848 before the price found buyers. A minor correction is underway and the price moved above the $ 850 level. It is now approaching the Fibonacci retracement level of 23.6% from the last fall from the high of $ 976 to $ 848 low.
However, there are many obstacles in the positive aspects around the $ 900 level. There is also a large decreasing channel that is formed with a resistance close to $ 880 on the hourly chart of the BCH / USD pair. Channel resistance is a crucial barrier to the current wave of around $ 880. A break above the $ 880 level could push the price towards the next hurdle to $ 900. The next main resistance is the 50% retracement level. % of the last drop, from the minimum of $ 976 to the minimum of $ 848.
If the price does not move above the $ 880 level, there could be a negative reaction. In this case, the price can even break the last minimum of $ 848 for more losses.
MACD per hour: the MACD for BCH / USD is still placed in the bearish zone.
Hourly RSI (relative strength index): the RSI for BCH / USD is moving more towards level 50.
Main support level: $ 850
Higher resistance level – $ 900