Home Bitcoin Cash Bitcoin Cash Price Technical Analysis – BCH/USD Gaining Momentum

Bitcoin Cash Price Technical Analysis – BCH/USD Gaining Momentum

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Key Points

  • Bitcoin cash price is moving higher and it recently broke the $1500 resistance against the US Dollar.
  • This is a major bullish trend line forming with support at $1500 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might correct a few points, but remains supported above the $1500 and $1450 levels.

Bitcoin cash price made a decent upside move above $1500 against the US Dollar. BCH/USD is back in action and it might continue to move higher.

Bitcoin Cash Price Support

There was a decent upside reaction in bitcoin cash price as it managed to move above the $1450 resistance against the US Dollar. The price broke a few important hurdles and even surpassed all offers near the $1500 handle to move back in the bullish zone. A high was formed at $1586 and the price is now placed well above the 100 hourly simple moving average. At the moment, the price is correcting lower with initial support around the 23.6% Fib retracement level of the last wave from the $1205 low to $1586 high.

On the downside, there is a major bullish trend line forming with support at $1500 on the hourly chart of BCH/USD. The same trend line is near the mentioned 23.6% Fib level. Below the $1500 support, the $1460-1450 support zone might come into the picture as a buy zone. However, the most important support is now around the $1400 level. The mentioned $1400 support is the 50% Fib retracement level of the last wave from the $1205 low to $1586 high.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, a break above the $1585 resistance would open the doors for more gains above $1600 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is nicely placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower, but it is well above the 50 level.

Major Support Level – $1450

Major Resistance Level – $1600

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.





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