Bitcoin Cash Price Technical Analysis – BCH/USD To Retest $480?

Key Points

  • Bitcoin cash price found strong bids near $420 against the US Dollar and traded higher.
  • Yesterday’s highlighted short-term contracting triangle pattern with resistance near $422 on the hourly chart of BCH/USD (data feed from Kraken) was broken.
  • The price is now trading above the $440-450 support area and looking to extend gains.

Bitcoin cash price moved above the $440 level against the US Dollar. BCH/USD is now eyeing further gains may be towards the $480 level.

Bitcoin Cash Price Support

The past few days were not good for Bitcoin cash price as it declined towards $400 against the US Dollar. However, the price formed a base above $400 yesterday and started an upside move. It traded above the 23.6% Fib retracement level of the last drop from the $549 high to $400 low. It resulted in an increase in the buying interest above $420.

During the upside move, there was a break above yesterday’s highlighted short-term contracting triangle pattern with resistance near $422 on the hourly chart of BCH/USD. The price moved higher and broke the $440-450 resistance area. At the moment, the price is consolidating below the 38.2% Fib retracement level of the last drop from the $549 high to $400 low. On the downside, there is a new connecting bullish trend line forming with support at $441 on the same chart.

Bitcoin Cash Price Technical Analysis BCH USD

If the price corrects lower from the current levels, the $440 support is likely to hold losses. On the upside, a break above $455 could take the price towards the next resistance at $475-480. One might consider buying dips in the near term as long as the price is above $420-400.

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 has reached the overbought levels.

Major Support Level – $440

Major Resistance Level – $480

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.

Source:Read the official page


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