Bitcoin Cash Price Technical Analysis: Dips Below $400 Mark

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Bitcoin cash price is under a lot of pressure against the US Dollar. BCH/USD is now below $400 and looking to extend its decline below $390.

The Status:

  • Bitcoin cash price continues to slide and recently broke the $400 support area against the US Dollar.
  • Yesterday’s highlighted two bearish trend lines with current resistance near $405 on the hourly chart of BCH/USD (data feed from Kraken) are major hurdles.
  • The price might continue to decline and could even settle below $400 in the near term.

Technical Aspect

There was no stopping sellers as Bitcoin cash price extended its decline and broke the $410-415 support area against the US Dollar. The price even broke the $400 handle to set the downside pace and formed a low at $392.6. At the moment, the price is currently correcting and consolidating between $393 and $400. However, it remains at a risk of more declines below $400 in the near term.

An initial resistance is around the 23.6% Fib retracement level of the last drop from the $427 high to $392 low. Moreover, yesterday’s highlighted two bearish trend lines with current resistance near $405 on the hourly chart of BCH/USD are crucial barriers. As long as these trend lines are in place near $405-410, buyers might continue to struggle. The 50% Fib retracement level of the last drop from the $427 high to $392 low is near $410 to act as a pivot.

The overall trend remains bearish below $420. A close above $420 is needed to overcome selling pressure. On the downside, a break of the $393 low would push the price towards the $380 support zone.

Technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bullish zone but with no momentum.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently below the 50 level.

Major Support Level – $393

Major Resistance Level – $400

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: NewsBTC

Charts courtesy of Trading View