Bitcoin Cash currently sees itself facing strong resistance at $1,160 an ounce
There is a large bearish trend line forming on the hourly chart with resistance at $1,160 an ounce.
The Bitcoin Cash currently remains in an uptrend above $1,100 against the US dollar. BCH must rise above $1,160 and $1,180 to gain bullish momentum.
Technical Indicators Signals for Bitcoin trader
The Bitcoin Cash price moved towards the $1,170 level but failed to move higher. A high for Bitcoin trader was formed at $1,168 an ounce before the price initiated a downward correction. However, the decline finds support near the $1,120 – $1,130 mark and the 100-hour SMA. Below the 100-hour SMA, there is an important support at $1,100. On the upper side, a large bearish trend line is forming with resistance at $1,160 on the hourly chart.
Bitcoin Cash Price Analysis
Looking at the chart, BCH must settle above the resistance level of $1,160 an ounce in order to gain upward momentum. The MACD is moving slowly in the bearish zone. The RSI is currently just above the 50 level. The highest support level is at $1,100, while the highest resistance is at $1,160.
Ripple Price Highlights
Ripple price did not move above resistance at $0.6880 and depreciated against the US dollar
The important ascending channel with support at $0.6700 on the hourly chart highlighted yesterday is intact
XRP must remain above the $0.6700 support range to avoid major price losses in the near future
The Ripple price is traded near major support zones against the US dollar and Bitcoin. XRP could bounce off the $0.6700 support and the 100 hour SMA.
Technical Indicators Signals
The price traded to $0.6889 and struggled to gain momentum. As a result, a downward correction was initiated and the price moved below the $0.6800 mark. However, the price finds support at $0.6700. More importantly, the upward channel highlighted yesterday is intact with support at $0.6700 on the hourly chart. If there is a break below channel support at $0.6700, the price could potentially drop back towards $0.6500.
Ripple Price Analysis
Looking at the chart, the price could rebound from support of $0.6700 an ounce. On the other hand, a break and close above $0.6880 is required to break through the $0.7000 barrier. The MACD has moved back into the bearish zone. The RSI is now well below the 50 level and signals a sellers’ market. As mentioned earlier, the highest support level is found at $0.6700, while resistance is at $0.6880.