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Bitcoin Cash Price Analysis: BCH/USD Eyeing Upside Break

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Bitcoin Cash Price Analysis: BCH/USD Eyeing Upside Break

Key PointsBitcoin cash price is currently facing a strong resistance near $1,160 against the US Dollar.There is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair might dip a few points, but the overall bias is positive above the $1,100 support level.Bitcoin cash price remains in an uptrend above $1,100 against the US Dollar. BCH/USD has to move past $1,160 and $1,180 to gain upside momentum.Bitcoin Cash Price ResistanceThere were mostly ranging moves above the $1,100 support area in bitcoin cash price against the US Dollar. The price traded towards the $1,170 level, but it failed to move further higher. A high was formed near $1,168 before the price started a downside correction. At the moment, it seems like there is a strong resistance area forming near $1,160, which may act as a pivot zone.A downward correction is underway, and the price recently broke the 23.6% fib retracement level of the last wave from the $1,048 low to $1,168 high. However, the decline is finding bids near the $1,130 level and the 100 hourly simple moving average. Further below the 100 hourly SMA, there is a key support around the $1,100 level. Moreover, the 50% fib retracement level of the last wave from the $1,048 low to $1,168 high is also around the stated support. On the upside, there is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.Looking at the chart, the pair has to settle above the $1,160 resistance area to gain upside momentum. The next hurdles above $1,160 are seen near $1,180 and $1,200.Looking at the technical indicators:Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just above the 50 level.Major Support Level – $1,100Major Resistance Level – $1,160

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Author: Aayush Jindal

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