Key Points
- Bitcoin cash price dipped recently, but it found support near 0 against the US Dollar.
- There is a major bearish trend line in place with resistance near 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair needs to climb above the 0 hurdle for more gains in the near term.
Bitcoin cash price is trading above 0 against the US Dollar. BCH/USD is facing a couple of important resistances near 5 and 0 levels.
Bitcoin Cash Price Resistance
During the past few days, bitcoin cash price traded in a range above the 0 handle against the US Dollar. The BCH/USD pair tested the 0 and 0 support levels on a couple of occasions and remained well bid. There was a strong rise recently after the price formed a low at 8. The price jumped above the 5 and 0 levels, but sellers defended the 5 and 0 resistances.
There is also a major bearish trend line in place with resistance near 0 on the hourly chart of the BCH/USD pair. The pair corrected lower below the 23.6% Fib retracement level of the last wave from the 8 low to 2 high. It seems like the price may continue to move down towards the 5 level. It represents the 50% Fib retracement level of the last wave from the 8 low to 2 high. Below this, the price could test the 0 support in the near term. On the upside, the price has to break the 5, 0, and the 100 hourly SMA for more gains.
Looking at the chart, BCH price could continue to trade in a range above the 0 level. Once there is a proper close above 0 and the 100 hourly SMA, the price may perhaps rise towards 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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