Bitcoin cash price rallied towards the $450 level and recently corrected sharply against the US Dollar.
The price broke many supports such as $420 and $400, and it tested the $340 support area.
There is a major bullish trend line forming with support near $338 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
The pair remains well supported above the $330 and $340 levels, and it could soon bounce back.
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Getting blacklisted by the US government seems to be very bad for business. The trade wars between China and the United States are also not doing the Chinese tech giant any favors. Huawei recently parted ways with one of its long-time business partners Arm Holdings. The British chip designer stated that its partnership with Huawei […]
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Bitcoin cash price touched the key $450 resistance level and recently declined heavily against the US Dollar. BCH tested the $340 support level and it could rebound after a short term consolidation.
Bitcoin Cash Price Analysis
This week, there was a significant rise in bitcoin cash price above the $380 and $400 levels against the US Dollar. The BCH/USD pair even broke the $425 resistance level and the 55 simple moving average (4-hours). It traded close to the $450 level and formed a new 2019 high at $451. Recently, it started a sharp downside correction below the $425 and $410 support levels. The decline was such that the price even traded below the $400 and $382 support levels.
It declined below $362 and the 50% Fib retracement level of the last wave from the $274 swing low to $451 high. However, the $340 support and the 55 simple moving average (4-hours) acted as a strong buy zone. Moreover, the price tested the 61.8% Fib retracement level of the last wave from the $274 swing low to $451 high. There is also a major bullish trend line forming with support near $338 on the 4-hours chart of the BCH/USD pair. Clearly, there is strong support formed near the $338 and $340 levels. Therefore, the price could bounce back above $360 in the near term.
The next key resistance is at $388, above which the price may climb back above $400. Conversely, if there is a downside break below $338 and close below the 55 simple moving average (4-hours), the price could decline further. The next important support for the bulls is near the $300 level (the previous breakout zone).
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In the video below, 6max coach Alan Jackson goes over the No-Bullshit 6-max lines, as presented in the eBook. Alan analysed 15 million hands to confirm that the lines and ranges are profitable. This is the first part of the video, covering UTG, MP and CO positions. There are 2 more parts to come, covering
Looking at the chart, bitcoin cash price declined heavily after trading towards the $450 resistance. However, the $340 support area holds the key. There are high chances of a fresh increase above $388 and $400 as long as there is no close below $338.
4 hours MACD – The MACD for BCH/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD declined steadily below the 50 level and is moving towards 40.
Key Support Levels – $338 and $300.
Key Resistance Levels – $388 and $400.
The post Bitcoin Cash (BCH) Crashes To $340, Likely To Bounce Back appeared first on Live Bitcoin News.
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The 2018-19 Sri Lanka Tour of New Zealand begins this weekend, as the pair of international squads meet for the First Test match inside the Basin Reserve in Wellington. How to Watch New Zealand vs Sri Lanka 1st Test in USA For those who are in the United States, the 5-day Test match will start […]
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