- Bitcoin cash price rocketed higher and moved to a new all-time high above $3700 against the US Dollar.
- There is a new connecting bullish trend line forming with support at $3000 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair might move down a bit, but it remains supported around the $3000 handle.
Bitcoin cash price surged higher above $3000 and $3500 against the US Dollar. BCH/USD is now super bullish with more gains possibility above $3500.
Bitcoin Cash Price Uptrend
Yesterday, we discussed how bitcoin cash price could continue to move above the $2000 level against the US Dollar. The price started a solid upside move and broke many resistances on the way up such as $2500, $3000 and $3500. A new all-time high was formed at $3747 and at the moment, the price is correcting lower. On the downside, an initial support is around the 23.6% Fib retracement level of the last leg from the $2000 low to $3747 high.
It seems like downsides could be limited by the $3000 support zone. There is a new connecting bullish trend line forming with support at $3000 on the hourly chart of BCH/USD. The trend line support is close to the 38.2% Fib retracement level of the last leg from the $2000 low to $3747 high. Therefore, any major dips from the current levels are likely to face bids near the $3200 and $3000 levels. A break below $3000 won’t be easy since the 50% Fib retracement level of the last leg from the $2000 low to $3747 high is at $2870.
On the upside, the price may soon move above $3500. Should there be more gains above $3500, the price could test the $4000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is strongly placed in the bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower toward the 60 level.
Major Support Level – $3000
Major Resistance Level – $3500
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.