Bitcoin Money Rate Technical Analysis– BCH/USD Remains Bearish

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Bitcoin Cash Cost Technical Analysis– BCH/USD Remains Bearish

Published on 4:30 am October 6, 2017 Author Aayush JindalClassifications Analysis, Opinion, TradingTags ,,,,,,,,

Bitcoin cash rate fell dramatically today against the US Dollar. BCH/USD is now facing a significant resistance area near $365 on the benefit.

Bitcoin Cash Price Technical Analysis BCH USD

Secret Points Bitcoin money rate formed a low at $343.6 and started remedying higher against the US Dollar.There is

  • a significant bearish trend line forming with resistance near $365 on the hourly chart of BCH/USD (data feed from Kraken) are intact.The price may fix a couple of points greater, but remains in the bearish zone below$380. Bitcoin cash price fell greatly
  • this week against the US Dollar. BCH/USD is now dealing with a significant resistance location near$ 365 on the upside.Bitcoin Cash Rate Resistance The past two sessions came as a relief for Bitcoin money cost as it fixed to $370 versus the United States Dollar. The rate recently traded as low as$343.6 and cannot hold the yesterday low of $346. At the minute, the cost is combining above the $340 level. An initial resistance on the upside is around the 23.6 %Fib retracement level of the last drop from the $406 high to $343 low. If the cost continues to correct higher, it may face heavy offers near $370-380. Additionally, there is a significant bearish trend line forming with resistance near$365 on the hourly chart of BCH/USD. An intermediate resistance is around the 38.2%Fib retracement level of the last drop from the$406 high to$343 low. A break and close above the $370 level may require an extended move towards the$390 level. On the downside, there is a linking bullish trend line forming with support at$ 350. Need to there be a break below $350, the cost would retest the last low of $343.

    The total bias is bearish as long as the price is below$400. Looking at the technical indicators: Hourly MACD– The MACD for BCH/USD is showing no major indications of a recovery.Hourly RSI(Relative Strength Index)– The RSI for BCH/USD is remedying higher to the 45 level.Major Support Level– $340 Significant Resistance Level–$ 370 Disclaimer: The details included herein is not ensured, does not profess to be comprehensive and is strictly for details purposes only.

    It needs to not be concerned as investment/trading advice. All the info is believed to come from reputable

    sources. NewsBTC does notwarrant the precision, accuracy, or completeness of info in its analysis and therefore will not be liable for any loss incurred.
    
    

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