Key Points
- Bitcoin cash price traded higher recently and moved above the 5 resistance against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at 2 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now placed in a positive zone and it could continue to move higher towards 0 and 0.
Bitcoin cash price is slowly moving higher against the US Dollar. BCH/USD is likely to continue higher once buyers gain momentum above the 5 level.
Bitcoin Cash Price Analysis
This past week, there was a significant downside move below the 0 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the 0 and 0 support levels. There was even a spike below the 0 level and a low was formed at 8. Later, buyers appeared and pushed the price back above the 0 level. Later, the price gained momentum and moved above the 0 and 5 resistance levels.
There was also a break above the 61.8% Fib retracement level of the last decline from the 3 high to 8 low. More importantly, there was a break above a crucial bearish trend line with resistance at 2 on the hourly chart of the BCH/USD pair. The pair is now trading nicely above the 0 level and the 100 hourly simple moving average. It traded close to the 5 resistance and is currently consolidating. On the upside, the next resistance is near 0 and the 1.236 Fib extension level of the last decline from the 3 high to 8 low. Above 0, the price could trade towards the 0 level, which is near the 1.618 Fib extension.
Looking at the chart, BCH price is now placed nicely in a positive zone above 0 and it could test 0 and 0 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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