Insights for the Asian Crypto trading session Wednesday 12/12/18
BTC/USD: When will $3,000 come under serious threat?
XRP/USD: Ripple adds another financial institution, attempts to hold $0.30 cents
ETH/USD: Ethereum downside bias prevails
BCH/USD: Bitcoin cash bears in full control under $100
XLM/USD: Stellar continues to hold 4th position in market cap
Bitcoin Cash Technical Analysis: BCH/USD bears in full control driving price back below $100
Bitcoin Cash price suffers steep losses on Tuesday, trading down over 6%.
BCH/USD moving within a steep descending trend channel.
Bears looking for the next leg lower with the price below $100
BCH/USD Hourly chart:
BCH/USD: At the time of writing Bitcoin cash is is grinding lower within a descending channel trading at $96.50 (down 6% overnight). The asset does not appear to have found a bottom following the volatility and declines that began after the hard fork that took place on November 15th. BCH/USD needs to recover out of the bear channel and will face resistance at both the 100 hour MA and 200 hour MA at $101 and $115 respectively. In the immediate term buyers will need to push price back above $100 or risk a test of trend channel support towards $90, from an hourly perspective both the MACD and RSI are positive supporting further gains toward resistance around $98.
Hourly Technical Analysis Summary: Sell
Moving Averages: Sell
Support 1: $92.40
Support 2: $90 (descending trend channel support)
Support 3: $88.70
Resistance 1: $97.50 (trend channel resistance)
Resistance 2: $101 (100 hour MA)
Resistance 3: $106.80