sid021sp Posted August 23, 2018 #1 Posted August 23, 2018 Key Points Bitcoin cash price failed to hold gains above $540 and declined sharply against the US Dollar. There was a break below a major bullish trend line with support at $530 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair declined heavily and retested the $500 and $510 support levels where buyers emerged. Bitcoin cash price formed a top near the $575 level and declined against the US Dollar. BCH/USD is holding the $500 support, but it remains at risk of more losses. Bitcoin Cash Price Decline Yesterday, we saw a sharp upward move above the $550 level in bitcoin cash price against the US Dollar. However, the BCH/USD pair failed to stay above the $560 level, formed a top at $574, and later declined sharply. There was a sharp downside move and the price declined back below the $550 level. There was also a close below the $550 support and the 100 hourly simple moving average. Besides, there was a break below a major bullish trend line with support at $530 on the hourly chart of the BCH/USD pair. The pair also traded below the $520 support and declined towards $500. A low was formed at $509 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the last drop from the $574 high to $509 low. Above the $525 resistance, the price could trade towards the $540 resistance. It now represents the 50% Fib retracement level of the last drop from the $574 high to $509 low. Moreover, the 100 hourly simple moving average is also positioned near the $545 level to prevent gains. Looking at the chart, BCH price is back to where it started around $500. Should there be a break below $500, the price may perhaps decline to $480. Looking at the technical indicators: Hourly MACD – The MACD for BCH/USD is slightly placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level. Major Support Level – $500 Major Resistance Level – $540
xtinepink Posted August 23, 2018 #2 Posted August 23, 2018 Hey! Nice information but you cannot just copy paste it from starting to finish line. Hope you could also put the source. Thanks
Kate Posted August 24, 2018 #3 Posted August 24, 2018 Well thanks to xtine for warning and also its quite a surprise BCH dropped below 1k to 500 it was around 900 when btc was 6k
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