The price of Bitcoin Cash has not been able to move above the $900 zone and it has decline against the USD. Although there is a short-term bullish trendline that has formed support at $865, the Bitcoin Cash to USD pair needs to stay above the $860 level if it is to avoid more losses.
June 20 Bitcoin Cash to USD Price Analysis
The Bitcoin Cash to USD trading pair did not surpass a significant hurdle around $900 and it has declined to the point of testing the 100 hourly SMA. During yesterday's trading session, there was a modest upside move in the chart of Bitcoin Cash price. Bitcoin Cash price was able to move above $880. Bitcoin Cash traded towards $900-910 resistance but was unable to beat the resistance as sellers appeared.
Bitcoin Cash (BCH) Price Today
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Bitcoin Cash price didn't just fail to move above $910, it started moving downside. The bears reacted and pushed the price below the $880 level. Also, the Bitcoin Cash to USD Pair broke below the 50% Fib retracement level of the previous wave from $826 to $927.
At the time of writing the Bitcoin Cash price was appreciating above the $860 area with a bullish trendline near the $865 support level. The trendline is positioned near the 61.8% Fib retracement level from the $826 to $927 level and the 100 hourly SMA is near $860. This makes the $860-865 support zone important.
Bitcoin Cash Technical Analysis
The Bitcoin Cash price charts indicate that the trading pair needs to stay above the $860 level if it is to avoid further declines. If it cannot stay above this level, it may decline to the $850 level. If it can hold its ground above $860, then the Bitcoin Cash price will rise to the $900 level.
The MACD on the hourly Bitcoin Cash price chart is moving to the bearish zone while the relative strength index is below 50. Traders should look out for $860 as the significant support level and $900 as the significant resistance level.
Posted from my blog with SteemPress : https://smartereum.com/19638/june-20-bitcoin-cash-price-analysis-bitcoin-cash-may-fail-against-the-usd-near-term-as-it-cannot-cross-the-900-resistance/