Bitcoin Cash (BCH) Rally Takes Break But Not Over

Bitcoin Cash (BCH) 	Rally Takes Break But Not Over


  • Bitcoin cash price surged higher recently and broke the $150 and $162 resistances against the US Dollar.
  • The price traded as high as $167 and later corrected lower below the $160 support.
  • There is a crucial bullish trend line in place with support at $150 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair could decline in the short term, but it remains supported near the $145-146 zone.

Bitcoin cash price rallied recently above $160 before correcting lower against the US Dollar. BCH could tested the $145 support level before a fresh increase in the near term.

Bitcoin Cash Price Analysis

After a decent upward move, there was a sharp correction in bitcoin, ripple, Ethereum, and bitcoin cash against the US Dollar. Earlier, the BCH/USD pair broke the $138 and $140 resistance levels to move into a bullish zone. The price climbed above the $145 and $150 resistance levels. The upward move was strong as the price even broke the $160 barrier and settled above the 55 simple moving average (4-hours). A new monthly high was formed at $167 and later the price corrected lower.

It traded below the $160 and $156 support levels. The recent decline got traction, resulting in a drop below the $150 support. However, the price found support near $146 and the 55 simple moving average (4-hours). Besides, there is a crucial bullish trend line in place with support at $150 on the 4-hours chart of the BCH/USD pair. The pair recovered above the 23.6% Fib retracement level of the recent decline from the $167 swing high to $146 swing low.

However, there are many hurdles on the upside near the $155 and $156 levels. There is also a connecting bearish trend line in place with resistance at $156 on the same chart. The trend line coincides with the 50% Fib retracement level of the recent decline from the $167 swing high to $146 swing low. Therefore, a break above the $155 and $156 resistance levels is must for a fresh upward move.

Bitcoin Cash (BCH) 	Rally Takes Break But Not Over

Looking at the chart, bitcoin cash price is trading above key supports such as $150 and $145. It may climb higher, but it could struggle near the $155-156 resistance zone. Therefore, there is a risk of another drop towards the $145 support before the price starts a decent upward move. On the upside, a break above $156 might push the price towards $162 and $167.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently placed in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level, with a bearish angle.

Key Support Levels – $150 and $145.

Key Resistance Levels – $156 and $162.

The post Bitcoin Cash (BCH) Rally Takes Break But Not Over appeared first on Live Bitcoin News.



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