Key Points
- Bitcoin cash price started a new upside wave from the 0 support area against the US Dollar.
- There are two bearish trend lines formed with resistance at 0 and 0 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair must break and settle above the 0 resistance zone to gain upside momentum.
Bitcoin cash price is slowly recovering above 0 against the US Dollar. BCH/USD has to move past the 0-810 barrier to remain in a bullish zone in the near term.
Bitcoin Cash Price Resistance
This past week, there were heavy losses in bitcoin cash price below the ,000 level against the US Dollar. The BCH/USD pair declined and broke the 0 and 0 support levels. However, the 0 level acted as a decent support and prevented further declines. A low was formed at 1 and the price started an upward recovery. It gained pace and broke the 23.6% Fib retracement level of the last decline from the 1 high to 1 low.
However, the price is facing a major hurdle around the 0 level. There are two bearish trend lines formed with resistance at 0 and 0 on the 4-hours chart of the BCH/USD pair. The 50% Fib retracement level of the last decline from the 1 high to 1 low is also positioned near 1. More importantly, the 100 simple moving average (4-hours) is also positioned near the 0 level to act as a major resistance.
Looking at the chart, the price must break and settle above the 0 resistance zone to move further higher in the near term. The next resistance above 0-810 is around the 0 level. On the downside, supports are seen near the 0, 0 and 0 levels.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is back in the bullish zone with positive signs.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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