Key Points
- Bitcoin cash price traded higher recently, but it failed to stay above 0 against the US Dollar.
- There is a key bullish trend line formed with support at 0 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to climb higher once again above 5 as long as it is above 0.
Bitcoin cash price is trading with a positive bias above 0 against the US Dollar. BCH/USD must settle above 5 and 0 to gain bullish momentum.
Bitcoin Cash Price Analysis
There was a solid upward move above the 0 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair broke the key 5 resistance to move into a positive zone. There was a proper break above the 76.4% Fib retracement level of the last slide from the 9 high to 6 swing low. The price spiked above the 0 resistance and traded towards the 9 high.
A new intraday high was formed at 6 and later the price started a downside correction. It declined heavily and trimmed gains below 0 and 5. There was a break below the 0 level and the 100 hourly simple moving average. Moreover, the price breached the 50% Fib retracement level of the last wave from the 6 low to 6 high. On the downside, there is a decent support formed near 0. Besides, there is a key bullish trend line formed with support at 0 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price must stay above the 5 and 0 support levels to bounce back once again. On the upside, a proper close above 5 and then 0 is needed for bullish continuation.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.
Major Support Level – 5
Major Resistance Level – 5
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