Key points
- Bitcoin cash price began to move down after it traded above $1834 against the US dollar.
On the hourly chart of the pair BCH / USD (data from Bitstamp) there is a key line of the bullish trend with support at $1610.
The pair is currently testing a large support zone of about $1640, which could lose losses in the short term.
After a sharp upward movement, the price of Bitcoin Cash formed a short-term top of about $1834 against the US dollar. The price began to correct the decline and fell below support levels of $1800 and $1750. It also trades below the Fib pullback rate of 23.6% of the last leg with a minimum of $1459 to $1834. However, there are many supports on the lower side above the $1600 level.
Based on the chart, there is a short-term resistance, which is about $1750. A break above the declared level of $1750 could open the door for a push at $1800. Finally, a break above $1834 may require a test of $1900. The MACD for BCH/USD is back in the bearish zone. The StochRSI for BCH/USD is now well below the 50 level.