Key Points
- Bitcoin cash price rallied and broke a major resistance near $440 against the US Dollar.
- Yesterday’s highlighted important bearish trend line was breached at $435 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently correcting lower, but dips near $445 and $440 remains well supported.
Bitcoin cash price moved into a positive zone above $440 against the US Dollar. BCH/USD dips towards the $440-445 zone could find a strong buying interest.
Bitcoin Cash Price Analysis
Yesterday, we discussed a crucial resistance near $440 for bitcoin cash price against the US Dollar. The BCH/USD pair made a nice upside move and broke the $440 resistance zone. There was a strong buying interest emerged around the $425 support area, resulting in an upward move. The price rocketed higher and moved above the $445 level and the 100 hourly simple moving average.
During the rise, yesterday’s highlighted important bearish trend line was breached at $435 on the hourly chart of the BCH/USD pair. The pair traded above the $460 level and formed a high at $466. Later, there was a downside correction and the price declined below $450. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $423 low to $466 high. However, there are many supports on the downside near the $440 level, which was a resistance earlier. The 50% Fib retracement level of the last wave from the $423 low to $466 high is also positioned at $444.
Looking at the chart, BCH price may correct lower, but dips close to the $440 and $445 levels are likely to find bids. On the upside, a break above the $460 level could set the path for $480 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.
Major Support Level – $440
Major Resistance Level – $460