Bitcoin Cash price analysis: BCH/USD slides to $750 support, intraday breakout on the horizon
|- The level at $763 is preventing an intraday breakout to the upside.
- Indicators like the RSI and the MACD are pointing to the positive regions to signal that a bullish trend.
Bitcoin Cash is recording less than 1% rise in price in the last 24 hours on Monday. There was a downside movement earlier today after resistance increased to stop gains towards $800. Instead, a trend reversal ensued as the price tested the short-term support at $770. Significantly, the sellers managed to break past this level but the buyers stopped further declines towards the major support level at $750.
The 50% Fib retracement level with the previous swing high of $798 and a low of $729 failed to hold the price during the recent declines. However, the level at $763 is preventing an intraday breakout to the upside. Indicators like the RSI and the MACD are pointing to the positive regions to signal that a bullish trend is forming and the buyers are battling to push the price towards the psychological $800 level.
On the upside, the 100 SMA will offer resistance as the price corrects higher. On the other hand, the longer term 200 SMA (61.8% Fibo) will support the price in the event of downside movements. Another support is at $750; however, $740 will also play a significant role on the downside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.