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Technical analysis

Bitcoin Cash Outlook: BCHUSD Pair Eyes $145 Level

Amandeep Sonewane | Dec. 5, 2018
Bitcoin Cash Outlook: BCHUSD Pair Eyes $145 Level

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.

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