Bitcoin Cash Price Technical Analysis – BCH/USD Remains in Uptrend

Key Points

  • Bitcoin cash price is slowly and steadily moving higher and broke the $440 level against the US Dollar.
  • Yesterday’s bullish trend line with current support near $450 on the hourly chart of BCH/USD (data feed from Kraken) is still in place.
  • The price might correct a few points towards $450, but remains supported on the downside.

Bitcoin cash price is slowly gaining pace against the US Dollar. Let’s see if BCH/USD can break the $500 level once again in the near term.

Bitcoin Cash Price Upside Move

Yesterday, we saw a steady rise in Bitcoin cash price above $450 against the US Dollar. The price gained traction and moved closer to the $470 level. It formed a new minor high at $469.5 and is currently correcting lower. The most important point is the fact that yesterday’s highlighted bullish trend line with current support near $450 on the hourly chart of BCH/USD is still on the downside.

An initial support is around the 38.2% Fib retracement level of the last wave from the $440 low to $469 high. However, the most important support is near $450. It represents the trend line support and the 61.8% Fib retracement level of the last wave from the $440 low to $469 high. An intermediate support comes at $454. On the upside, the recent high near $469 is a short-term resistance.

Bitcoin Cash Price Technical Analysis BCH USD

A break above $469 could lift the market sentiment and the price might trade towards $480. If buyers remain in action for a long time, there is a chance of BCH testing $500 this week. Overall, buying dips in the short term towards $450-440 can be considered.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now back above the 50 level.

Major Support Level – $450

Major Resistance Level – $470

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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