- Bitcoin cash price started an upside correction and moved above the $450 resistance against the US Dollar.
- There was a break above this week’s followed key bearish trend line near $445 op de hourly chart van de BCH / USD (datafeed van Kraken).
- The pair climbed above the $450 en $460 levels and it may continue to trade higher towards $500.
Bitcoin cash price recovered nicely from the $410 dieptepunt ten opzichte van de Amerikaanse Dollar. BCH/USD is likely to recover further towards the $480 en $500 levels.
Bitcoin Cash Price Recovery
Gisteren, we discussed how bitcoin cash price is struggling to break the $440 en $450 resistenties tegen de Amerikaanse Dollar. Later, the BCH/USD pair managed to gain traction and moved above the $450 weerstand. The upside move was strong as the price broke the 61.8% Fib retracement level of the last slide from the $478 high to $410 low. The price even settled above $450 en de 100 Per uur simple moving average.
More importantly, there was a break above this week’s followed key bearish trend line near $445 op de hourly chart van de BCH / USD. The pair traded as high as $475 and it is currently correcting lower. It already tested the 23.6% Fib retracement level of the recent wave from the $410 van laag naar $475 hoog. Aan de andere kant, er zijn veel dragers rond de $450 niveau. The stated $450 level was a resistance earlier and now it could provide support along with the 100 hourly SMA. Below $450, de 50% Fib retracement level of the recent wave from the $410 van laag naar $475 high is at $443.
Kijken naar de grafiek, BCH price is placed nicely above the $445-450 zone and it could continue to move higher towards $480-500.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed in the bullish zone.
Per uur RSI (Relative Strength Index) – The RSI for BCH/USD is positioned nicely above the 60 niveau.
Major Support Level - $450
Major Resistance Level - $480
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