Key Points
- Bitcoin cash price is holding the $300 support against the US Dollar and is trading in a range.
- Yesterday’s highlighted contracting triangle pattern with current resistance at $323 holds the key on the hourly chart of BCH/USD (data feed from Kraken).
- The price is likely to remain in a small range before making the next move, probably above $325.
Bitcoin cash price is consolidating above $300 against the US Dollar. BCH/USD has to gain momentum above $325 to gain upward strength.
Bitcoin Cash Price Support
It seems like Bitcoin cash price is preparing for the next move either above $325 or below $300 against the US Dollar. The price is holding the $300 support very well and is trading in a range. There was no major move during the past 24 hours and the price remained below the $316-318 levels. More importantly, yesterday’s highlighted contracting triangle pattern with current resistance at $323 on the hourly chart of BCH/USD is intact.
The highlighted triangle resistance might continue to play a major role for the next move above $324-325. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $328 high to $307 low. The next important resistance is close to the $318 level and the 50% Fib retracement level of the last decline from the $328 high to $307 low. However, the price has to clear the triangle resistance and the $325 level in order to gain upside momentum.
On the downside, the triangle support is currently at $307. Below $307, the $300 handle comes in as a major barrier for sellers in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is flat, signaling range moves.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD moving to and fro around the 50 level.
Major Support Level – $307
Major Resistance Level – $323
Charts courtesy – Trading View, Kraken
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