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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

Bitcoin Cash (BCH/USD) forecast and analysis on August 24, 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 stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on August 24, 2019

As part of the Bitcoin Cash forecast, a test of level 316 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 285. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 325.

Bitcoin Cash (BCH/USD) forecast and analysis on August 24, 2019

The cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown of the area of ​​the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​332. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on August 24, 2019 implies a test level of 316. Further, it is expected to continue falling to the area below the level of 285. 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 332. In this case, we can expect continuation growth.

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Bitcoin Cash (BCH/USD) forecast and analysis on August 23, 2019

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Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 297. 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 lower border of the Bollinger Bands indicator stripes.

Bitcoin Cash (BCH/USD) forecast and analysis on August 23, 2019

As part of the Bitcoin Cash forecast, a test of level 305 is expected. Where can we expect an attempt to continue the fall of BCH/USD and the further development of a downward trend. The purpose of this movement is the area near the level of 275. The conservative area for sales of Bitcoin Cash is located near the upper border of the Bollinger Bands indicator strip at 332.

Bitcoin Cash (BCH/USD) forecast and analysis on August 23, 2019

The cancellation of the option to continue the depreciation of Bitcoin Cash will be a breakdown of the area of ​​the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and the closing of quotations of the pair above the area of ​​336. This will indicate a change in the current trend in favor of the bullish for BCH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on August 23, 2019 implies a test level of 305. Further, it is expected to continue falling to the area below the level of 275. The conservative area for selling Bitcoin Cash is located area of 332. Canceling the option of falling cryptocurrency will be a breakdown of the level of 336. In this case, we can expect continuation growth.

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Ripple Price Analysis: XRP Follows the Grim Market Condition; Loses almost 3% Overnight

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  • Ripple makes a 3% cut in the value against USD in the last 24 hours.
  • The coin’s next resistance at 0.274 USD may come by the end of this week.

Ripple, one of the top three coins, has conformed to the market trend and like Bitcoin, it has also lost value over the last 24 hours. With four major price changes, the coin has been down by 2.95% in this period. Ripple has been pushed from 0.274 USD to 0.262 USD in a matter of a few hours. Before analyzing the price changes in detail, we should look at the current data of the coin now.

Current XRP Price Statistics-

  • Ripple has the 3rd rank in the global crypto market and it has an ROI (Return on Investment) of 4,376.55%.
  • A total of 42,890,708,341 XRP coins are in current circulation.
  • The market cap of the coin as on 22nd August at 03:19 UTC stands at 11,314,857,221 USD.
  • The value of the coin with respect to USD and BTC stands at 0.2632 USD and 0.00002656 BTC respectively.
  • The 24h volume of the coin rests at 1,125,277,708 USD.

XRP to USD Price Comparison-

Ripple price chart August 22

Due to 20th August’s little push, Ripple opened yesterday with a moderately high value of 0.2747 USD. It faced a price correction in the next 4 hours and 7 minutes and it made the coin to lose 0.0121 USD. After a few hours of volatility, Ripple started weakening again around 07:29 UTC and in the next 5 hours and 7 minutes, it lost 0.0076 USD. It was, however, followed by a hike of 3.34% and by 16:43 UTC, it added 0.0086 USD to the coin. The last swing came as another fall in the value and this fall cost the coin 0.0064 USD and it happened between 01:01 UTC and 02:09 UTC.

Ripple Price Prediction-

Ripple was already under pressure when most of the coins started strengthening. However, for the last day, the market condition is grim and the fall of Ripple is not unexpected. The coin is likely to take more than usual time to show recovery. The next resistance may come at 0.274 USD.

Ripple (XRP) 
1st Resistance0.274454667 USD
2nd Resistance0.282648333 USD
3rd Resistance0.289531667 USD
1st Support Level0.259377667 USD
2nd Support Level0.252494333 USD
3rd Support Level0.244300667 USD

Source.cryptonewsz.

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