Key Points
- Bitcoin cash price attempted an upside move above $1400 against the US Dollar but failed to gain momentum.
- This week’s highlighted major bearish trend line with resistance at $1300 is intact on the hourly chart of BCH/USD (data feed from Kraken).
- The price has to move above $1300 and $1400 to gain upside momentum in the near term.
Bitcoin cash price is struggling to gain momentum above $1300 against the US Dollar. BCH/USD might gain pace if it closes above $1400.
Bitcoin Cash Price Upside Hurdle
Recently, there was a decent attempt by bitcoin cash price above the $1300 level against the US Dollar. However, the price failed to gain momentum above $1400 and declined again. There was an attempt to break this week’s highlighted major bearish trend line with current resistance at $1300 on the hourly chart of BCH/USD. The mentioned attempt failed since there was no break of the $1400 level.
The pair moved down and traded below the 38.2% Fib retracement level of the last wave from the $1000 swing low to $1533 high. It seems like the price is struggling to gain pace above $1300 and the trend line resistance. A close above $1300, followed by $1400 is needed for further gains. On the downside, the $1200 support and the 61.8% Fib retracement level of the last wave from the $1000 swing low to $1533 high are decent buy zones.
A break of the $1200 level could ignite a downside wave toward the $1050 level. If there are further declines, then $1000 might be tested. On the upside, a close above $1400 would take the price toward the $1650 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.
Major Support Level – $1200
Major Resistance Level – $1400
Charts courtesy – Trading View, Kraken
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