Key Points
- Bitcoin cash price rallied recently and broke the 0 and 0 resistances against the US Dollar.
- There was a break above a major bearish trend line with resistance at 0 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair may correct lower in the short term before buyers push the price above the 0 handle.
Bitcoin cash price is back in a positive zone above 0 against the US Dollar. BCH/USD is likely to extend gains above the 0 level in the near term.
Bitcoin Cash Price Analysis
This past week, there was a strong buying interest noticed around the 0 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and broke a few important resistances near 0 and 0. It started a solid rally and even broke the 0 resistance and the 100 simple moving average (4-hours). Moreover, there was a break above the 0 resistance and the 0 pivot level.
More importantly, there was a break above a major bearish trend line with resistance at 0 on the 4-hours chart of the BCH/USD pair. It opened the doors for more gains and the price traded above the 2 swing high. The price is currently testing the 1.236 Fib extension level of the recent decline from the 2 high to 7 low. The current price action is very positive and it seems like the price may extend gains above 0. The next resistance could be 0 and the 1.618 Fib extension level of the recent decline from the 2 high to 7 low.
Looking at the chart, BCH price may perhaps correct a few points towards the 0 or 0 support levels. However, dips remain supported for more gains above 0.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is back in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the overbought levels.
Major Support Level – 0
Major Resistance Level – 0
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