Bitcoin Cash Price Technical Analysis – BCH/USD Eyes Further Gains

Key Points

  • Bitcoin cash price managed to break the $450 resistance against the US Dollar to gain momentum.
  • There are was a break above a bearish trend line with resistance at $450 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price is now supported on the downside near $440 for further gains.

Bitcoin cash price is gaining pace above $440 against the US Dollar. BCH/USD now remains buy on dips near the $440 level in the short term.

Bitcoin Cash Price Support

There was a decent rise in Bitcoin cash price above the $400 level against the US Dollar. The price gained bullish momentum and was able to move above the $420 resistance. It opened the doors for further gains above $440. The price was able to break the 61.8% Fib retracement level of the last decline from the $540 high to $302 low. It set the tone for further gains towards $500.

During the upside, there was a break above a bearish trend line with resistance at $450 on the hourly chart of BCH/USD. The pair traded close to the $500 level and traded as high as $497. At the moment, the price is currently correcting lower towards $450. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $302 low to $497 high. There is also a bullish trend line on the hourly chart at $445 to act as a key support.

Bitcoin Cash Price Technical Analysis BCH USD

If the price corrects lower from the current levels, it is likely to find support near $450. Buying dips towards $450 can be considered with a stop below $440.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving lower towards the 50 level.

Major Support Level – $440

Major Resistance Level – $500

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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