Key Points
- Bitcoin cash price gained traction and it was successful in clearing the 0 and 0 resistances against the US Dollar.
- There was a break above a minor bearish trend line with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair surged higher and traded close to the 0 resistance area recently.
Bitcoin cash price is gaining upside momentum above 0 against the US Dollar. BCH/USD could soon break the 0 level to extend gains in the near term.
Bitcoin Cash Price Trend
The past few sessions were positive as bitcoin cash price formed a key bottom below the 0 level against the US Dollar. The price started a nice upside move and cleared many hurdles on the way up such as 0 and 0. The upside move was very strong as the price traded close to the 0 level. At the moment, the price is trading well above the 0 support and the 100 hourly simple moving average.
During the upside move, there was a break above a minor bearish trend line with resistance at 0 on the hourly chart of the BCH/USD pair. The trend line break was the main reason the recent upside surge above 0. It traded as high as 3 and is currently consolidating gains. An initial support is near the 23.6% Fib retracement level of the last wave from the 6 low to 3 high. It seems like downsides would be limited in the short term since there are many supports at 0 and 0.
Looking at the chart, there is a strong bullish trend in place above 0-820. A successful close above the 0 level could ignite further gains toward the 0 and 0 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is showing signs of a minor correction.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near the overbought levels.
Major Support Level – 0
Major Resistance Level – 0
The post Bitcoin Cash Price Technical Analysis – BCH/USD Surged Above 0 appeared first on NewsBTC.