{"id":128493,"date":"2021-06-11T07:49:28","date_gmt":"2021-06-11T07:49:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128493"},"modified":"2021-06-11T07:49:28","modified_gmt":"2021-06-11T07:49:28","slug":"bitcoin-cash-analysis-remains-at-risk-unless-it-clears-650","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-analysis-remains-at-risk-unless-it-clears-650\/","title":{"rendered":"Bitcoin Cash Analysis: Remains At Risk Unless It Clears $650"},"content":{"rendered":"
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.<\/em><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n Bitcoin Cash Price<\/p>\n Looking at the chart, bitcoin cash price is clearly trading well below $650 and the 55 simple moving average (4-hours). Overall, the price is could extend its decline unless there is a clear break above $650 and $665.<\/p>\n 4 hours MACD \u2013 The MACD for BCH\/USD is now losing pace in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is just below the 50 level.<\/p>\n Key Support Levels \u2013 $550 and $500.<\/p>\n Key Resistance Levels \u2013 $650 and $700.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n
Technical indicators<\/h2>\n