The current price action is bearish as long as the price is below the $1,000 level and the 100 hourly simple moving average. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,039 high to $961 low. There is also a major bearish trend line forming with resistance near $990 on the hourly chart of the BCH/USD pair. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $1,039 high to $961 low. Therefore, if the price corrects higher, it won’t be easy for buyers to break the $990 and $1,000 resistances.
On the downside, the $950 and $960 support levels are very important. A close below the stated levels could ignite a push towards $900 in the near term.
Hourly MACD – The MACD for BCH/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 50 level.
Major Support Level – $950
Major Resistance Level – $1,000
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.newsbtc.com/2018/03/26/bitcoin-cash-price-technical-analysis-bch-usd-holding-key-support-2/