Bitcoin Cash Price Technical Analysis – BCH/USD Gaining Momentum

Key Points

  • Bitcoin cash price started a new upside wave after a minor correction towards $560 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $600 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might dip a few points once again, but most likely to find support near $600.

Bitcoin cash price is poised for more gains above $600 against the US Dollar. BCH/USD might retest $680 or could even break it.

Bitcoin Cash Price Trend

The past few days were very bullish for Bitcoin cash price as it moved above $580 and $600 against the US Dollar. After trading as high as $684, there was a minor correction initiated. The price traded as low as $560 where buyers appeared and protected further declines. A new upside wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $684 high to $560 low.

During the upside move, there was a break above a major bearish trend line with resistance at $600 on the hourly chart of BCH/USD. The pair also broke the 50% Fib retracement level of the last decline from the $684 high to $560 low. These all are positive signs and calling for more gains above $600. At present, the price is facing resistance near $640 and the 61.8% Fib retracement level of the last decline from the $684 high to $560 low. Therefore, there is a chance of a minor correction towards the $620 or $600 levels.

Bitcoin Cash Price Technical Analysis BCH USD

Any major correction should be limited by $600 considering the current market sentiment since BCH remains a buy on dips.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed well in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 62 level.

Major Support Level – $600

Major Resistance Level – $640

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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Source: Newsbtc

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