Key Points
- Bitcoin cash price is holding the 0 support very well against the US Dollar.
- Yesterday’s highlighted key bearish trend line is still active with resistance near 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could move higher in the short term towards the 5 and 0 resistance levels.
Bitcoin cash price is trading above the recent low against the US Dollar. BCH/USD is likely to recover a few points towards 0 in the near term.
Bitcoin Cash Price Support
Yesterday, there was a minor recovery initiated from the 0 support in bitcoin cash price against the US Dollar. The BCH/USD pair moved above the 5 and 0 levels. However, the upside move was capped by the 0 resistance zone. Moreover, the price also failed to break the 50% Fib retracement level of the last slide from the 5 high to 0 swing low.
Later, the price declined back towards the 0 support zone where buyers reemerged. There was a fresh upward move from the 9 low and the price climbed above 0. The price also succeeded in clearing the 23.6% Fib retracement level of the recent drop decline from the 2 high to 9 low. However, the price is currently struggling to clear the 5 resistance. Additionally, yesterday’s highlighted key bearish trend line is still active with resistance near 5 on the hourly chart of the BCH/USD pair. It seems like the price may clear the 5 and 0 resistance levels to climb further in the near term.
Looking at the chart, BCH price could move a few points higher, but it is likely to face a strong selling interest near the 0 and 0 resistance levels. On the downside, a break below 0 may push the price towards 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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