Key Points
- Bitcoin cash price started an upside correction and moved above the 0 resistance against the US Dollar.
- There was a break above this week’s followed key bearish trend line near 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair climbed above the 0 and 0 levels and it may continue to trade higher towards 0.
Bitcoin cash price recovered nicely from the 0 low against the US Dollar. BCH/USD is likely to recover further towards the 0 and 0 levels.
Bitcoin Cash Price Recovery
Yesterday, we discussed how bitcoin cash price is struggling to break the 0 and 0 resistances against the US Dollar. Later, the BCH/USD pair managed to gain traction and moved above the 0 resistance. The upside move was strong as the price broke the 61.8% Fib retracement level of the last slide from the 8 high to 0 low. The price even settled above 0 and the 100 hourly simple moving average.
More importantly, there was a break above this week’s followed key bearish trend line near 5 on the hourly chart of the BCH/USD pair. The pair traded as high as 5 and it is currently correcting lower. It already tested the 23.6% Fib retracement level of the recent wave from the 0 low to 5 high. On the downside, there are many supports around the 0 level. The stated 0 level was a resistance earlier and now it could provide support along with the 100 hourly SMA. Below 0, the 50% Fib retracement level of the recent wave from the 0 low to 5 high is at 3.
Looking at the chart, BCH price is placed nicely above the 5-450 zone and it could continue to move higher towards 0-500.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned nicely above the 60 level.
Major Support Level – 0
Major Resistance Level – 0
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