Tuesday , March 19 2024
Home / Altcoins / Bitcoin Cash Analysis: Bulls Struggle Below $600

Bitcoin Cash Analysis: Bulls Struggle Below $600

Summary:
Bitcoin cash price started a fresh decline from 0 against the US Dollar. The price is now trading below the 0 zone and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near 0 the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair must gain pace above 0 for a fresh increase in the near term. Bitcoin cash price is showing bearish signs below 0 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline unless it surges above 0. Bitcoin Cash Price Analysis Bitcoin cash price started a major decline below the 0 support zone. BCH even broke the 0 support level and settled below the 55 simple moving average (4-hours). There was also a spike below the 0 level. A

Topics:
Aayush Jindal considers the following as important: , , , , ,

This could be interesting, too:

Godfrey Benjamin writes Worldcoin Asserts Legality in Operating Countries amid Spanish Ban

Steve Muchoki writes Chiliz (CHZ) Signs Strategic Partnership with Unagi and LFP to Launch Coach Ligue 1 Fantasy Football Game

Chimamanda U. Martha writes Iconic Photo of Dogwifhat Meme Coin Nets .3M in NFT Auction

Godfrey Benjamin writes Standard Chartered Raises Its BTC and ETH Forecasts, Bitcoin Can Reach 0K in 2025

  • Bitcoin cash price started a fresh decline from $640 against the US Dollar.
  • The price is now trading below the $600 zone and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $570 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must gain pace above $600 for a fresh increase in the near term.

Bitcoin cash price is showing bearish signs below $600 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline unless it surges above $600.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major decline below the $600 support zone. BCH even broke the $580 support level and settled below the 55 simple moving average (4-hours).

There was also a spike below the $550 level. A low was formed near $531 and the price is now correcting higher. There was a break above the 23.6% Fib retracement level of the downward move from the $641 swing high to $531 low.

An immediate hurdle on the upside is near the $580 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $570 the 4-hours chart of the BCH/USD pair.

The main hurdle is forming near the $585 level. It is near the 50% Fib retracement level of the downward move from the $641 swing high to $531 low. A clear break above $585 and $600 might spark a fresh rally. In the stated case, the price could rise towards the $620 level.

An initial support is near the $545 level. The first major support is near the $530 level. A downside break below the $540 and $530 support levels might start a major decline.

The next major support is near the $520 level, below which the bears might aim a test of $500. Any more downsides might lead the price towards the $450 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading below the $600 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $600 for a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.

Key Support Levels – $540 and $530.

Key Resistance Levels – $585 and $600.

Tags: , ,

Leave a Reply

Your email address will not be published. Required fields are marked *