Key Points
- Bitcoin cash price recovered above 0, but it struggled near 100 hourly SMA against the US Dollar.
- This week’s key bearish trend line was beached with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently struggling to gain momentum above the 0 level and the 100 hourly SMA.
Bitcoin cash price settled above the 0 level against the US Dollar. However, BCH/USD must break the 0 barrier and the 100 hourly SMA to gain traction.
Bitcoin Cash Price Analysis
Recently, there was a decent recovery above the 0 and 0 levels in bitcoin cash price against the US Dollar. The BCH/USD pair climbed above the 0 resistance to enter a short term positive zone. Besides, there was a break above the 23.6% Fib retracement level of the last drop from the 0 swing high to 2 low. Buyers gained control above 0 and 0 to clear a few other hurdles.
More importantly, this week’s key bearish trend line was beached with resistance at 0 on the hourly chart of the BCH/USD pair. However, the pair reached a crucial resistance area near 0 and the 100 hourly simple moving average. The 0 level also coincides with the 50% Fib retracement level of the last drop from the 0 swing high to 2 low. The price clearly struggled to surpass the 0 level and the 100 hourly SMA. It is currently moving lower towards the 0 level and the broken trend line.
Looking at the chart, BCH price is showing positive signs above the 0 level. Having said that, buyers need to clear the 0 hurdle and then surpass 0 for a decent recovery in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD jumped back above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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