Technical analysis of Bitcoin Cash price Tuesday, April 3, 2018
The price of Bitcoin Cash reports a growth of 1.69% in today’s trading day, while the value is negotiated above $ 680.
The price of Bitcoin Cash reports a 1.69% growth in today’s trading day, while the value trades above $ 680.
The price of Bitcoin Cash was not corrected above the $ 680 level and decreased against the US dollar.
There was a break below a short-term rising channel with support at $ 665 on the hourly chart of the BCH / USD pair.
The pair can continue moving down and could retest the support level of $ 650 in the short term.
The price of the BCH is struggling to move above the $ 680 level against the US dollar. It is likely that BCH / USD will resume its bearish trend below the $ 660 level.
Resistance in the price of BCH
There was a minor upward correction initiated yesterday from the minimum of $ 625 in the BCH price against the US dollar. The price moved above the resistance of $ 650 to correct higher. It also broke the Fibonacci retracement level of 23.6% in the last decline, from the high of $ 708 to the low of $ 625. Later, it started to follow a decent bullish path above the $ 640 level.
However, the price could not gain momentum above the $ 680 level and the 100-hour simple moving average. In addition, the Fibonacci retracement level of 38.2% of the last decline from the $ 708 maximum swing to $ 625 minimum also acted as a resistance for buyers. As a result, there was a negative reaction below the $ 670 level. More importantly, there was a break below a short-term rising channel with support at $ 665 on the hourly chart of the BCH / USD pair. The pair now trades well below the $ 680 resistance and remains a risk of further losses.
If the pair continues to move down, you could retry the $ 650 level. Below $ 650, the price may even retest the last swinging minimum of $ 625 in the short term.
MACD per hour: the MACD for BCH / USD is moving backwards in the bearish zone.
Hourly RSI (relative strength index): the RSI for BCH / USD shows some bullish signs above 40.
Main support level: $ 650
Highest resistance level – $ 680