Key Points
- Bitcoin cash price found support above the 0 level and started an upward move against the US Dollar.
- Yesterday’s highlighted connecting bearish trend line with resistance at 5 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards the 0 and 0 levels in the near term.
Bitcoin cash price is placed nicely above the 0 support against the US Dollar. BCH/USD may accelerate towards the 0-570 resistance zone if buyers gain momentum.
Bitcoin Cash Price Analysis
Yesterday, we discussed a consolidation pattern above the 0 support in bitcoin cash price against the US Dollar. The BCH/USD pair formed a decent support above the 0 and 0 levels. Later, the price gained traction and moved above the 5 resistance and the 100 hourly simple moving average. Buyers were successful in clearing the 23.6% Fib retracement level of the downside move from the 0 swing high to 0 swing low.
Additionally, yesterday’s highlighted connecting bearish trend line with resistance at 5 was breached on the hourly chart of the BCH/USD pair. The pair is currently placed nicely above the 0 level and the 100 hourly SMA. The next resistance awaits near 0 and the 50% Fib retracement level of the downside move from the 0 swing high to 0 swing low. Above 0, the next immediate barrier is at 0, which is the 61.8% Fib level. The final target for buyers could the 0 resistance and the pivot level.
Looking at the chart, BCH price is gaining traction after forming the 0 support. As long as the price is above the 0 level, there could be more gains towards the 0 and 0 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level.
Major Support Level – 0
Major Resistance Level – 0
The post Bitcoin Cash Price Analysis: BCH/USD Gaining Momentum Towards 0 appeared first on NewsBTC.