Key Points
- Bitcoin cash price is slowly recovering towards the key 0 resistance against the US Dollar.
- This week’s followed important bearish trend line is intact with resistance at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the trend line and 0 to gain momentum in the near term.
Bitcoin cash price formed a decent support near 0 and recovered against the US Dollar. BCH/USD is now facing a solid resistance near the 0 level.
Bitcoin Cash Price Analysis
Yesterday, we saw a solid upward move in bitcoin cash price above the 0 level against the US Dollar. The BCH/USD pair traded as high as 9 and later started a downside correction. It corrected lower and traded below the 5 level. It traded close to the 50% Fib retracement level of the last wave from the 8 low to 9 high. However, downsides were limited as buyers appeared near the 0 level and the 100 hourly simple moving average.
Later, the price formed a decent support base near the 0 level and the 100 hourly simple moving average. It started a fresh upward move and traded above the 5 level. There was also a break above the 50% Fib retracement level of the recent decline from the 9 high to 9 low. The current price action is positive, but BCH/USD is facing a solid hurdle near 0. Moreover, this week’s followed important bearish trend line is intact with resistance at 0 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price is showing positive signs above the 0 level. However, buyers need to clear the 0 hurdle for more gains in the near term towards 0 or 0.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 55 level.
Major Support Level – 0
Major Resistance Level – 0
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