Bitcoin Cash Price Technical Analysis – BCH/USD is In Uptrend

Key Points

  • Bitcoin cash price is slowly moving in an uptrend above the $1550 level against the US Dollar.
  • This is a crucial ascending channel forming with support at $1550 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might continue to move higher and it could even break the $1680 resistance in the near term.

Bitcoin cash price is moving nicely towards $1800 against the US Dollar. BCH/USD is in an uptrend and remains well supported above the $1500 level.

Bitcoin Cash Price Trend

There was a slow and steady rise in bitcoin cash price above the $1500 level against the US Dollar. The price was able to move above the $1600 and $1650 resistance levels before starting a downside correction. A high was formed at $1677.1 from where a minor downside reaction was initiated. Sellers pushed the price below the 38.2% Fib retracement level of the last upside wave from the $1350 low to $1677 high.

However, the downside move was prevented by the $1500-1510 support area. Moreover, there is a crucial ascending channel forming with current support at $1550 on the hourly chart of BCH/USD. It recently acted as a support above $1520 and prevented further losses. More importantly, the 50% Fib retracement level of the last upside wave from the $1350 low to $1677 high acted as a strong support.

Bitcoin Cash Price Technical Analysis BCH USD

The pair is now moving back higher and it is likely to extend gains above the $1600 level. On the upside, an initial resistance is at $1600 followed by the last swing high at $1677. A break above the $1677 level could open the doors for a move towards the $1800 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level and is positive.

Major Support Level – $1550

Major Resistance Level – $1670

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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