Key Points
- Bitcoin cash price made a nice upside move and traded above the 80 resistance against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at 80-00 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now well above 00 and the 100 hourly simple moving average, which is a positive sign.
Bitcoin cash price gained bullish momentum recently above 00 against the US Dollar. BCH/USD might continue to move higher towards 00.
Bitcoin Cash Price Support
There was a solid upside move in bitcoin cash price as it was able to move above the 50 resistance against the US Dollar. The best part is that there was a break above the 00 resistance and the 100 hourly simple moving average. It has opened the doors for more gains since the price is already above the 00 level. During the recent upside move, yesterday’s highlighted major bearish trend line with resistance at 80-00 was broken on the hourly chart of BCH/USD.
The pair traded as high as 76 recently and is currently placed well in the bullish zone. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the 30 low to 76 high. The current trend seems to be bullish with chances of BCH testing 00. The price is well above the 100 hourly SMA and is positioned for more gains.
On the downside, the broken resistance near 00 is now a good support. An intermediate support is around the 50% Fib retracement level of the last wave from the 30 low to 76 high near 50. Buying dips toward 50 and 00 can be considered in the short term with a stop below the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near the overbought levels.
Major Support Level – 50
Major Resistance Level – 00
Charts courtesy – Trading View, Kraken
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