Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support
- Bitcoin cash price is trading above the $1,020 support and is currently in a positive zone against the US Dollar.
- There is a crucial bullish trend line forming with support near the $1,020 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair is currently placed just above the 100 hourly simple moving average and $1,050.
Bitcoin cash price is trading nicely in a positive zone above $1,020 against the US Dollar. BCH/USD could rise in the near term towards $1,080 and $1,100.
Bitcoin Cash Price Trend
There was a minor upside break yesterday above $1,040 in bitcoin cash price against the US Dollar. The price traded above the $1,050 and $1,065 resistance levels. It even broke the $1,100 resistance and traded as high as $1,160. Later, a downside correction was initiated the price trimmed gains by more than $100. However, the downside move was protected by the $1,000 support.
At the moment, the price is trading above the 23.6% Fib retracement level of the last decline from the $1,160 high to $1,010 low. It may continue to rise towards $1,100 in the near term. However, there is a major hurdle around the $1,080 level. The 50% Fib retracement level of the last decline from the $1,160 high to $1,010 low is positioned near the $1,085 level, which is acting as a barrier. On the upside, there is also a connecting bearish trend line with resistance at $1,100 on the hourly chart of BCH/USD.
On the downside, an initial support is near $1,040 and the 100 hourly simple moving average. Moreover, there is also a crucial bullish trend line forming with support near the $1,020 on the same chart.
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 struggling to move above the 50 level.
Major Support Level – $1,020
Major Resistance Level – $1,100
Charts courtesy – Trading View
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