Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support

Key Points

  • Bitcoin cash price is correcting lower, but trading near a major support at $440 against the US Dollar.
  • Yesterday’s highlighted bullish trend line with current support at $440 held losses on the hourly chart of BCH/USD (data feed from Kraken).
  • The price remains supported near the trend line at $440 and looking for an upside move.

Bitcoin cash price is holding a major support at $440 against the US Dollar. BCH/USD needs to break the $460 resistance to gather momentum.

Bitcoin Cash Price Uptrend

The past two days were bullish for Bitcoin cash price as it moved above the $480 resistance against the US Dollar. Yesterday, a correction wave was initiated from the $520 swing high. The price traded below the 50% Fib retracement level of the last leg up from the $380 low to $518 high. However, the downside move was protected by the $420 support and the 61.8% Fib retracement level of the last leg up from the $380 low to $518 high.

The best part is the fact that yesterday’s highlighted bullish trend line with current support at $440 held losses on the hourly chart of BCH/USD. The pair is trading nicely above the trend line support at $440. As long as the pair is above $440 and $420 it remains supported for more gains in the near term. On the upside, there a connecting bearish trend line forming with resistance at $460.

Bitcoin Cash Price Technical Analysis BCH USD

A break and close above $460 is needed for buyers to gather momentum for more gains. A break above $460 would open the doors for a move towards the $500 handle or even $520.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near 50 and eyeing an upside move.

Major Support Level – $440

Major Resistance Level – $460

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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