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Amandeep Sonewane

5 December 2018

Cryptocurrency Technical analysis

Bitcoin Cash Outlook: BCHUSD Pair Eyes $145 Level

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December 05, 2018 AtoZ Markets  -  Bitcoin Cash price is trading in a bullish note as all the other major cryptocurrencies in the market. At the time of press, Bitcoin Cash is trading at $163 level in the 24-hours volume of $273k.

Since the last week, Bitcoin Cash has dropped by -13.18% with a total volume of over $ 1.96 Million. The highest price of the coin, $ 234.29, was on 28 November 2018 at 18:00 GMT while the lowest price, $ 161.70 , was on 05 December 2018 at 11:00 GMT.

Bitcoin Cash Technical Analysis

Looking at the weekly charts, Bitcoin cash price might break the $150 level against the USD. The BCHUSD pair remained in a bearish zone and it trade below the $160 and $150 levels. The decline was highly bearish as the price is now trading well below the $155 level and the 100 hourly SMA. The last swing low was formed near the $145 level before the price of the coin corrected higher.

Later, the price of the coin climbed above the $150 level and the $152 pivot level. There was a break above the 23.6% Fibonacci retracement level of the recent slide from the $166 highs to $145 lows. However, the upside move was capped by the $155 and $156 resistance levels. The 50% Fibonacci retracement level of the recent slide from the $166 highs to $145 lows also acted as a resistance. Moreover, there is also a new connecting bearish trend line formed with resistance near $148 level on the hourly chart of the BCHUSD pair. The pair declined again and broke the $145 support.

Looking at the chart, Bitcoin Cash price is under pressure below the $148 and $145 level. It seems like the price of the coin might continue to move down and it could even break $140 and $132 handles.

Bitcoin Cash Pivot Points

Bitcoin Cash has a significant support near $144 and resistance near $157 levels.

Think we missed something? Let us know in the comments section below.

BCH Bitcoin Cash BCHUSD
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarkets.com, nor should they be attributed to AtoZMarkets.

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