Key Points
- Bitcoin cash price is consolidating gains above the 0 support level against the US Dollar.
- There is a contracting triangle forming with support at 5 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair may continue to consolidate before buyers make an attempt to surpass 0 and 0.
Bitcoin cash price is placed above the 0 and 0 supports against the US Dollar. BCH/USD could accelerate gains in the near term above the 0 level.
Bitcoin Cash Price Analysis
This past week, there was a decent rise from the 0 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and traded above the 0, 0 and 0 resistance levels. There was also a close above the 0 support and the 100 hourly simple moving average. The price traded as high as 0 and later started trading in a range.
It corrected lower and declined below the 0 level. There was also a break below the 50% Fib retracement level of the last upward move from the 8 low to 0 high. However, downsides were contained by the 0 support area. Moreover, the 61.8% Fib retracement level of the last upward move from the 8 low to 0 high also acted as a support. At the moment, it seems like there is a contracting triangle forming with support at 5 on the hourly chart of the BCH/USD pair. If the price declines below the triangle, it could test the 0 and 0 support levels.
Looking at the chart, BCH price may make an attempt to surpass the channel resistance at 5. Above this, the price may perhaps rise towards the 5 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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