Key Points
- Bitcoin cash price gained traction and moved above the 0 barrier against the US Dollar.
- There is a key contracting triangle in place with support near 0 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to break higher towards the 5 and 0 levels in the near term.
Bitcoin cash price is trading in a bullish zone above 0 against the US Dollar. BCH/USD may continue to find buyers on the downside near 0 and 0.
Bitcoin Cash Price Decline
This past week, there was a solid rally in bitcoin cash price from the 0 support zone against the US Dollar. The BCH/USD pair surged above the 0 and 0 resistance levels to move into a positive zone. There was even a close above the 5 level and the 100 simple moving average (4-hours). The price traded as high as 2 and later started a downside correction.
It corrected below the 23.3% Fib retracement level of the last wave from the 4 low to 2 high. However, the downside move was protected by the 0-510 support area, which was a resistance earlier. Moreover, the 50% Fib retracement level of the last wave from the 4 low to 2 high also acted as a support. At the moment, there is a key contracting triangle in place with support near 0 on the 4-hours chart of the BCH/USD pair. The pair is likely to make the next move soon either above 0 or below 0. Above 0, the price will most likely revisit the 0 zone.
Looking at the chart, BCH price is showing a lot of positive signs above the 0 level. As long as the stated support is intact, there could be more gains towards 0, 0 and 0.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is slightly in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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