Technical analysis of Bitcoin Cash price
The price of Bitcoin Cash reports a drop of 0.94%, which causes the value to be negotiated below $ 973 dollars.
- The price of Bitcoin Cash is quoted in a bearish zone above the support of $ 960 against the US dollar.
- There is an important bearish trend line that is formed with a resistance close to $ 990 on the hourly chart of the BCH / USD pair.
- The pair is still at risk of further losses if it can not maintain the support area of $ 950-960.
The price of the BCH moves slowly downwards against the US dollar. BCH / USD should stay above the support area of $ 950-960 to avoid further declines.
Resistance of Bitcoin Cash
There was no greater relief since the BCH price was negotiated below the support level of $ 1,040 against the US dollar. The price had difficulties to rise more and the rise was crowned by resistance of $ 1,080. There was also a close below the $ 1,000 level and the 100-hour simple moving average. However, the price currently has a large support area at $ 950-90.
Current price action is bearish provided the price is below the $ 1,000 level and the 100-hour simple moving average. An initial resistance is around the Fibonacci retracement level of 23.6% in the last decline, from the low of $ 1,039 to $ 961. A bearish trend line with resistance of almost $ 990 is also forming on the hourly chart of the pair BCH / USD. The resistance of the trend line is close to the 50% retracement level of the last decline, from the minimum of $ 1,039 to the minimum of $ 961. Therefore, if the price is corrected more, it will not be easy for buyers break the resistance of $ 990 and $ 1,000.
On the downside, support levels of $ 950 and $ 960 are very important. A close below the set levels could ignite a push towards $ 900 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 moving more towards level 50.
- Main support level: $ 950
- Highest resistance level – $ 1,000
Technical analysis of Ethereum price
The Ethereum reports a slight increase of 0.03% which has not caused any change in the value, the Ethereum is trading above $ 522 and the course of today’s day could give you that boost you need.
- The ETH price is struggling for a higher correction and is currently trading below $ 540 against the US dollar.
- There is a crucial bearish trend line that is formed with a resistance of $ 530 on the ETH / USD time chart.
- The pair has an important support area at $ 508-513, which holds the key in the short term.
The price of Ethereum is under pressure against the US dollar and Bitcoin. ETH / USD remains at risk of more losses below the $ 508 level if it does not move above $ 530.
Analysis of the Ethereum price
There was not a large upward recovery above $ 540 in the ETH price against the US dollar. The price decreased and moved below the support levels of $ 530 and $ 525. It is now trading well below the $ 540 level and the 100-hour simple moving average. The bearish pressure was such that the price formed many bearish structures below $ 540. However, the price continues to maintain the $ 500 support zone.
There are two important support levels downwards at $ 508 and $ 513. On the positive side, an initial resistance is around the Fibonacci retracement level of 23.6% of the last decline, from the minimum of $ 590 to the minimum of $ 506. In addition, a crucial bearish trend line with a $ 530 resistance on the ETH / USD time chart is also forming. The same trend line resistance is close to the SMA of 100 hours and the mentioned Fib level. Above the resistance of $ 530, the next obstacle is around the Fibonacci retracement level of 50% of the last decline, from the minimum of $ 590 to the minimum of $ 506 to $ 548.
Only a close above the $ 548-550 area could push back the price in the bullish zone. On the downside, a break below the support of $ 508 and a close below $ 500 can generate more losses.
- MACD per hour: the MACD is now well located in the bearish zone.
- RSI per hour: the RSI is currently below level 50.
- Main support level: $ 508
- Highest resistance level – $ 530