Technical analysis of Bitcoin Cash price Tuesday, May 15, 2018
The price of Bitcoin Cash reports an increase of 4.09% raising the price above $ 1450 trying to break the $ 1500. Remember that the Hard Fork is today, but coins will not be distributed as there was consensus / acceptance on the part of the community.
The price of the BCH failed to break the resistance of $ 1,500 and continues to operate in a range against the US dollar.
There is a short-term bull trend line that is formed with a support of $ 1,400 on the hourly chart of the BCH / USD pair.
It is likely that the pair will consolidate in a range below $ 1,500 before making the next move.
The BCH price is currently consolidating below $ 1,500 against the US dollar. BCH / USD should stay above the support levels of $ 1,400 and $ 1,360 to stay in a bullish zone.
Bitcoin Cash Movement
There were a couple of swing movements in the BCH price above the support level of $ 1,360 against the US dollar. The price tried to move above the resistance of $ 1,500 a couple of times. However, buyers did not achieve an upward momentum above $ 1,500. It seems that the price is struggling to clear a strong selling wall near $ 1,500 and is currently following the 100-hour simple moving average.
Recently it was negotiated as high as $ 1,493 before beginning a downward correction. It moved down below the 38.2% Fibonacci retracement level of the last tranche from the minimum of $ 1,331 to the maximum of $ 1,493. However, the downward movement was limited by the support area of $ 1,400. A short-term bullish trend line is also being formed with support of $ 1,400 in the hourly chart of the BCH / USD pair. In addition, the Fibonacci retracement level of 61.8% of the last tranche from the low of $ 1,331 to $ 1,493 high also acted as support during the recent streak.
When looking at the graph, the price should be set above the resistance of $ 1,440 and the SMA of 100 hours to gain momentum. A successful close above 100 hours per hour can open the doors for a break above the resistance of $ 1,500 in the short term.
MACD per hour: the MACD for BCH / USD is currently flat in the bearish zone.
Hourly RSI (relative strength index): the RSI for BCH / USD is still below level 50.
Main support level: $ 1,400
Highest resistance level - $ 1,500
Analysis for informational purposes, do not represent a financial advice.