Key Points
- Bitcoin cash price recovered recently before facing sellers near 0 against the US Dollar.
- There was a break below a major ascending channel with support at 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to find a lot of support on the downside near the 5 and 0 levels.
Bitcoin cash price is showing positive signs above 5 against the US Dollar. However, BCH/USD must surpass the 0 resistance to gain upside momentum.
Bitcoin Cash Price Analysis
Recently, we saw a decent recovery from the 0 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the 0 and 0 levels to move into a positive zone. The price also settled above the 0 level and the 100 hourly simple moving average. However, the upside move was capped by the 0 resistance area. A high was formed at 2 and later the price corrected lower.
It declined and broke the 23.6% Fib retracement level of the last wave from the 3 low to 2 high. Besides, there was a break below a major ascending channel with support at 5 on the hourly chart of the BCH/USD pair. The pair traded close to the 0 support area and later recovered. It seems like the price is well supported on the downside near the 0 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the 3 low to 2 high is also near 7.
Looking at the chart, BCH price is well supported above the 0 and 5 levels. Having said that, buyers need to push the price above the 0 resistance zone for an acceleration towards or above 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 level.
Major Support Level – 5
Major Resistance Level – 0
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