Bitcoin Cash (BCH) is Declining Against the USD But the Bulls are Starting to Gain Momentum

For the past few trading sessions, Bitcoin Cash (BCH) has been declining against the USD. During yesterday's price analysis the price of Bitcoin Cash was struggling below $700. Today, the price has fallen more finding support around $660. Throughout this week , there was a key bearish trendline which is still in place with resistance at $718. If Bitcoin Cash is to gain traction upside, it must break this resistance and rise above the $730 level and the 100 hourly SMA.

Bitcoin Cash (BCH) Price Analysis Against the USD

After falling and finding support at $660, the price started to correct upward above the $680. The Bitcoin Cash to USD trading pair will continue to move downward until it breaks the 100 hourly simple moving average. The price fell below $680 against the USD after breaking the $683 support. After that, it moved lower to $675 and lower again to $660. Bitcoin Cash price formed a low at $662 and started an upward move which took it above the $680 level. Bitcoin Cash broke above the 23.6% Fibonacci retracement level of the last slope from $757 to $662.

Bitcoin Cash (BCH) Price Today / USD

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The upward recovery is going to face resistance at $720 and $725. Also, the price charts show that the bears are still in control of the market and the resistance is around $718. Before this point, the 100 hourly SMA is near the $710 level. If buyers are to gain momentum, the price must break the 100 simple moving average.

Bitcoin Cash Technical Analysis

The price charts indicate that Bitcoin Cash bounced back from the $662 low but still needs to break the $720 resistance if it is to gather more momentum short-term. The relative strength index is above 50 and the MACD on the Bitcoin Cash hourly chart is in the bullish zone. According to Aayush Jindal from NewsBtc, the significant support level is at $680 while the significant resistance level is at $720.

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Posted from my blog with SteemPress : https://smartereum.com/24047/bitcoin-cash-bch-is-declining-against-the-usd-but-the-bulls-are-starting-to-gain-momentum/

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