Key Points
- Bitcoin cash price managed to break the $450 resistance against the US Dollar to gain momentum.
- There are was a break above a bearish trend line with resistance at $450 on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now supported on the downside near $440 for further gains.
Bitcoin cash price is gaining pace above $440 against the US Dollar. BCH/USD now remains buy on dips near the $440 level in the short term.
Bitcoin Cash Price Support
There was a decent rise in Bitcoin cash price above the $400 level against the US Dollar. The price gained bullish momentum and was able to move above the $420 resistance. It opened the doors for further gains above $440. The price was able to break the 61.8% Fib retracement level of the last decline from the $540 high to $302 low. It set the tone for further gains towards $500.
During the upside, there was a break above a bearish trend line with resistance at $450 on the hourly chart of BCH/USD. The pair traded close to the $500 level and traded as high as $497. At the moment, the price is currently correcting lower towards $450. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $302 low to $497 high. There is also a bullish trend line on the hourly chart at $445 to act as a key support.
If the price corrects lower from the current levels, it is likely to find support near $450. Buying dips towards $450 can be considered with a stop below $440.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently moving lower towards the 50 level.
Major Support Level – $440
Major Resistance Level – $500
Charts courtesy – Trading View, Kraken
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