Bitcoin Cash Analysis: Remains At Risk Unless It Clears $650

Friday 11 June 2021, 5:22 PM AEST - 4 days ago

Bitcoin Cash Price

  • Bitcoin cash price is struggling to gain momentum above $650 and $700 against the US Dollar.
  • The price is now trading well below $650 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $650 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could extend its decline unless there is a clear break above $650 and $665.

Bitcoin cash price is struggling to recover above $650 against the US Dollar, similar to bitcoin. BCH/USD remains at a risk of more downsides below $550.

Bitcoin Cash Price Analysis

After facing hurdles near $750, bitcoin cash price started a fresh decline. BCH broke the $650 support level and the 55 simple moving average (4-hours) to move into a bearish zone.

There was also a break below the $600 level. The price traded as low as $545 and it is now correcting higher. There was a break above the $600 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $736 high to $545 low.

However, it is facing resistance near $635 and $650. It is now trading well below $650 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $650 on the 4-hours chart of the BCH/USD pair.

The trend line and $650 are close to the 55 simple moving average (4-hours). It also coincides with the 50% Fib retracement level of the recent decline from the $736 high to $545 low.

Therefore, a clear break above $650 is must to start a steady increase. The next key resistance is near $665, above which the price could clear $700. An initial support on the downside is near the $580 level. The next major support is near the $550 level, below which bitcoin cash price could dive towards the $500 level.

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