Bitcoin Cash Price Technical Analysis – BCH/USD Neutral Above $300

Key Points

  • Bitcoin cash price is holding the $300 support against the US Dollar and is trading in a range.
  • Yesterday’s highlighted contracting triangle pattern with current resistance at $323 holds the key on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is likely to remain in a small range before making the next move, probably above $325.

Bitcoin cash price is consolidating above $300 against the US Dollar. BCH/USD has to gain momentum above $325 to gain upward strength.

Bitcoin Cash Price Support

It seems like Bitcoin cash price is preparing for the next move either above $325 or below $300 against the US Dollar. The price is holding the $300 support very well and is trading in a range. There was no major move during the past 24 hours and the price remained below the $316-318 levels. More importantly, yesterday’s highlighted contracting triangle pattern with current resistance at $323 on the hourly chart of BCH/USD is intact.

The highlighted triangle resistance might continue to play a major role for the next move above $324-325. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $328 high to $307 low. The next important resistance is close to the $318 level and the 50% Fib retracement level of the last decline from the $328 high to $307 low. However, the price has to clear the triangle resistance and the $325 level in order to gain upside momentum.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the triangle support is currently at $307. Below $307, the $300 handle comes in as a major barrier for sellers in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is flat, signaling range moves.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD moving to and fro around the 50 level.

Major Support Level – $307

Major Resistance Level – $323

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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