- Bitcoin cash price surged higher and broke an important resistance at $350 against the US Dollar.
- This week’s highlighted contracting triangle pattern with resistance at $320 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now placed well above the $350 level and eying more gains in the near term.
Bitcoin cash price rocketed higher above $350 against the US Dollar. BCH/USD is now in the bullish zone above $340 and looking for more gains.
Bitcoin Cash Price Trend
Finally, there was a break in Bitcoin cash price above the $325 level against the US Dollar. The price managed to gain strength after forming a bottom near the $300 handle. The best part was a break above this week’s highlighted contracting triangle pattern with resistance at $320 on the hourly chart of BCH/USD. It opened the doors for more gains and the pair even broke the 61.8% Fib retracement level of the last decline from the $335 high to $302 low.
The pair even succeeded in clearing a monster resistance at $350. It cleared the path for more gains and the price traded as high as $400. Later, a correction wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $308 low to $400 high. The downside was extended, but was limited by the 50% Fib retracement level of the last wave from the $308 low to $400 high.
The pair is now back above $360 and eyeing more gains. There is a chance of BCH retesting the $400 handle if buyers remain in control. Buying dips close to the $350-340 levels can be considered with a tight stop.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is showing positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is correcting the overbought levels.
Major Support Level – $350
Major Resistance Level – $400
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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