Key Points
- Bitcoin cash price remained in a positive zone and is currently above the 0 support against the US Dollar.
- There is a key bearish trend line in place with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair needs to trade above the 0 resistance and the 100 hourly simple moving average to gain traction.
Bitcoin cash price is currently consolidating above 0 against the US Dollar. BCH/USD must surpass the 100 hourly SMA to trade to a new weekly high.
Bitcoin Cash Price Analysis
There were mostly positive moves above the 0 level in bitcoin cash price against the US Dollar. The BCH/USD pair recently corrected lower after trading towards the 0 level. It traded as low as 9 and later started consolidating. It traded above the 23.6% Fib retracement level of the last decline from the 1 high to 9 low. However, the upside move was capped by the 0 resistance zone.
More importantly, there is a key bearish trend line in place with resistance at 0 on the hourly chart of the BCH/USD pair. The pair also failed to clear the 50% Fib retracement level of the last decline from the 1 high to 9 low. Additionally, the 100 hourly simple moving average is also positioned near the 0 level. Therefore, the 0 and 0 levels are important hurdles for buyers. Above these, the price will most likely trade towards the 0 and 0 levels in the near term. On the downside, the key support is at 0.
Looking at the chart, BCH price is attempting to surpass the trend line, 0, and the 100 hourly SMA. However, buyers are struggling to gain momentum. Therefore, there could be a minor downside reaction before the price breaks 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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