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Bitcoin Cash technical analysis: BCH/USD bulls firmly capitalised on a technical pennant; gains over 5%

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  • Bitcoin Cash price late on Wednesday is trading in the green by over 5%. 
  • BCH/USD daily price action extended to the upside after breaking out from a bullish pennant. 
  • A daily closure above the psychological $500 mark could leave the door open to further buying pressure. 

Spot rate:                 502.24

Relative change:      +5.25%

High:                        514.88

Low:                         473.16

BCH/USD 60-minute chart

  • BCH/USD is set to retest a breached range-block formation, where $500 is seen at the top of this structure. 

BCH/USD daily chart

  • The bulls have extended to the upside following a daily breakout of a pennant formation. 

source:.fxstreet.

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Bitcoin Cash

Bitcoin Cash (BCH/USD) forecast and analysis on July 19, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 294. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Bitcoin Cash (BCH/USD) forecast and analysis on July 19, 2019

As part of the Bitcoin Cash exchange rate forecast, a test of level 320 is expected. Where should we expect an attempt to continue the fall of BCH/USD and further development of the downward trend. The purpose of this movement is the area near the level of 220. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator at level 325.

Bitcoin Cash (BCH/USD) forecast and analysis on July 19, 2019

Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​340. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on July 19, 2019 implies a test level of 320. Further, it is expected to continue falling to the area below the level of 220. The conservative area for selling Bitcoin Cash is located area of 325. Canceling the option of falling cryptocurrency will be a breakdown of the level of 340. In this case, we can expect continuation growth.

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Bitcoin Cash

Bitcoin Cash Analysis: BCH Facing Key Resistance, Can Bulls Make It?

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  • Bitcoin cash price declined sharply and even broke the $300 support against the US Dollar.
  • The price traded towards the $250 support level and it is currently correcting higher.
  • There is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair could struggle to break the key $320, $330 and $340 resistance levels in the near term.

Bitcoin cash price is correcting from the $260 support area against the US Dollar. However, BCH price might find it difficult to continue higher above the $330 and $340 resistances.

Bitcoin Cash Price Analysis

This week, there was a strong decline in bitcoin cash price after it broke the $340 support area against the US Dollar. The BCH/USD pair even broke the $300 support and settled well below the 55 simple moving average (4-hours). The decline was such that the price spiked below the $280 support level and traded close to the $250 level. A new monthly low was formed near $254 and the price recently started an upside correction.

There was a break above the $280 resistance plus the 23.6% Fib retracement level of the last major drop from the $428 high to $254 swing low. However, the price is facing a lot of hurdles near the $320 and $330 levels. Moreover, the 55 simple moving average (4-hours) is also near the $330 level to act as a resistance. More importantly, there is a crucial bearish trend line forming with resistance near $340 on the 4-hours chart of the BCH/USD pair.

The 50% Fib retracement level of the last major drop from the $428 high to $254 swing low is also near the $340 level to act as solid resistance. Therefore, the bulls may face a lot of selling interest near the $330 and $340 levels. To start a fresh increase, the price must settle above $340 and the 55 simple moving average (4-hours). The next main resistance is near the $385 level plus the 76.4% Fib retracement level of the last major drop from the $428 high to $254 swing low.

On the downside, an immediate support is near the $300 level. If there are more losses, the price resume its decline below the $280 support level. The main supports on the downside are near the $260 and $250 levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is currently correcting higher, but the $330 and $340 levels are significant barriers. Therefore, the price could either climb further above $350 or resume its decline below $300.

Technical indicators

4 hours MACD – The MACD for BCH/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently struggling to stay above the 50 level.

Key Support Levels – $300 and $280.

Key Resistance Levels – $330 and $340

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Bitcoin Cash (BCH/USD) forecast and analysis on July 17, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 311. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Bitcoin Cash (BCH/USD) forecast and analysis on July 17, 2019

As part of the Bitcoin Cash forecast, a test of level 325 is expected. Where should we expect an attempt to continue the fall of BCH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 240. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator at the level of 365.

Bitcoin Cash (BCH/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in Bitcoin Cash will be the breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​375. This will indicate a change in the current trend in favor of bullish for BCH/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on July 17, 2019 implies a test level of 325. Further, it is expected to continue falling to the area below the level of 240. The conservative area for selling Bitcoin Cash is located area of 365. Canceling the option of falling cryptocurrency will be a breakdown of the level of 375. In this case, we can expect continuation growth.

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