Key Points
- Bitcoin cash price is gaining pace and it recently moved above the $680 resistance against the US Dollar.
- Yesterday’s highlighted major bearish trend line with current resistance at $645 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now eyeing an upside break above $700 for a move towards the $750 level.
Bitcoin cash price is surging higher towards $720-750 against the US Dollar. BCH/USD is now well above $650, which is a positive sign.
Bitcoin Cash Price Support
There was a nice upside move initiated during this week above $620 in Bitcoin cash price against the US Dollar. The price gained pace recently and was able to move above the 61.8% Fib retracement level of the last decline from the $682 high to $561 low. It has opened the doors for more gains and the price recently moved above $640. There was even a break above yesterday’s highlighted major bearish trend line with current resistance at $645 on the hourly chart of BCH/USD.
The pair also broke the $682 swing high, which means there are chances of it breaking the $700 level soon. It could even test the 1.236 extension of the last decline from the $682 high to $561 low at $714.9. If buyers remain in control, the price could even break $720 for further gains in the near term. Additional upsides should call for a test of the $750 level.
On the downside, the broken resistance near $650 may now act as a support. Moreover, the $640 and $620 levels are now strong supports and can be considered as buy zones in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Major Support Level – $650
Major Resistance Level – $715
Charts courtesy – Trading View, Kraken
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