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Bitcoin Cash Price Technical Analysis – BCH/USD to Break Higher?
- Bitcoin cash price is holding ground and is currently trading above the $1,040 support against the US Dollar.
- The BCH/USD pair is currently attempting an upside break above a bearish trend line with resistance at $1,068 on the hourly chart (data feed from Kraken).
- The pair may rise in the near term and it could break the $1,100 resistance.
Bitcoin cash price is showing positive signs above $1,040 against the US Dollar. BCH/USD may perhaps start a decent upside move above $1,100 or $1,140.
Bitcoin Cash Price Support
There was no major downside push below $1,000 in bitcoin cash price against the US Dollar. The price managed to hold the ground above the $1,000 level and it is currently trading above $1,040. The current price action is positive since the price is above the 23.6% Fib retracement level of the last drop from the $1,159 high to $992 low. It is also positioned above the $1,050 level, which is a positive sign.
At the moment, the BCH/USD pair is currently attempting an upside break above a bearish trend line with resistance at $1,068 on the hourly chart. Moreover, the 50% Fib retracement level of the last drop from the $1,159 high to $992 low is at $1,072. Therefore, if the price succeeds in breaking the $1,065-75 resistance area, there could be more gains. In the mentioned case, the price may break the $1,100 level and it could even test the $1,150 level.
On the downside, an initial support is at $1,050 and the 100 hourly simple moving average. There is also a bullish trend line on the same chart with support at $1,010, which is a decent buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now just above the 50 level.
Major Support Level – $1,020
Major Resistance Level – $1,075
Charts courtesy – Trading View
Author: Aayush Jindal
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