- Bitcoin cash price made a nice upside move and traded above the $1180 resistance against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at $1180-$1200 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now well above $1200 and the 100 hourly simple moving average, which is a positive sign.
Bitcoin cash price gained bullish momentum recently above $1200 against the US Dollar. BCH/USD might continue to move higher towards $1500.
Bitcoin Cash Price Support
There was a solid upside move in bitcoin cash price as it was able to move above the $1150 resistance against the US Dollar. The best part is that there was a break above the $1200 resistance and the 100 hourly simple moving average. It has opened the doors for more gains since the price is already above the $1300 level. During the recent upside move, yesterday’s highlighted major bearish trend line with resistance at $1180-$1200 was broken on the hourly chart of BCH/USD.
The pair traded as high as $1376 recently and is currently placed well in the bullish zone. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1130 low to $1376 high. The current trend seems to be bullish with chances of BCH testing $1500. The price is well above the 100 hourly SMA and is positioned for more gains.
On the downside, the broken resistance near $1200 is now a good support. An intermediate support is around the 50% Fib retracement level of the last wave from the $1130 low to $1376 high near $1250. Buying dips toward $1250 and $1200 can be considered in the short term with a stop below the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is near the overbought levels.
Major Support Level – $1250
Major Resistance Level – $1500
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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