- Bitcoin cash price is holding a major support area above $300 against the US Dollar.
- There is a crucial bearish trend line forming with resistance at $365 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair has to clear the $365-370 resistance zone to gain upside momentum in the near term.
Bitcoin cash price is maintaining a neutral bias above $300 against the US Dollar. BCH/USD has to break the $350-370 resistance to trade past $400.
Bitcoin Cash Price Support
There were mainly ranging moves in Bitcoin cash price this past week above $300 against the US Dollar. The main point is the fact that the price was able to hold the $300 support very well and remained well bid. There was even an attempt to gain momentum above $400, but the mentioned level acted as a major hurdle. Actually, the 50% Fib retracement level of the last decline from the $485 high to $291 low prevented further gains.
Moreover, a crucial bearish trend line with current resistance at $365 on the 4-hours chart of BCH/USD also acted as a hurdle for buyers. At the moment, the price is again moving higher and approaching the 38.2% Fib retracement level of the last decline from the $485 high to $291 low. A break above the trend line resistance at $365 is needed for buyers to challenge the $400 level one more time. Once there is a close above the $400 level, the price would easily challenge the $500 handle.
On the downside, the $300 support holds the key for major upsides in the near term. As long as the price is above $300, it remains neutral to bullish.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is about to move into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Level – $300
Major Resistance Level – $365
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