Key Points
- Bitcoin cash price stayed above the $1440-20 support area against the US Dollar and is showing positive signs.
- There are two bullish trend lines forming with support near $1460 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might not decline much from the current levels and remain supported above $1450.
Bitcoin cash price is trading in a range above $1460 against the US Dollar. BCH/USD has to move above the $1600 level to gain upside traction.
Bitcoin Cash Price Trend
There was a minor dip in bitcoin cash price yesterday towards $1400 against the US Dollar. However, the downside move was limited as the price found support around $1400 and recovered. It moved back above the $1450 support and is currently placed well above the 100 hourly simple moving average. It has also recovered above the 50% Fib retracement level of the last decline from the $1618 high to $1403 low.
The current price action is positive for BCH above the $1450 level. On the downside, there are two bullish trend lines forming with support near $1460 on the hourly chart of BCH/USD. These trend lines are near $1450 and the 100 hourly simple moving average. Therefore, the $1450-1460 support area is very important for buyers in the near term. On the upside, the 61.8% Fib retracement level of the last decline from the $1618 high to $1403 low at $1540 is currently acting as a resistance.
The price has to break the $1540 level to retest the last swing high near $1600-1620. On the downside, the trend lines, $1460 and the $1450 support area are important can be seen as a buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently flat with no major bearish sign.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the 50 level and moving lower.
Major Support Level – $1460
Major Resistance Level – $1540
Charts courtesy – Trading View, Kraken
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