Key Points
- Bitcoin cash price continues to trade in a range above the $2280 support against the US Dollar.
- Yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is intact on the hourly chart of BCH/USD (data feed from Kraken).
- The pair has to close above the $2450-60 resistance levels to move back in the bullish zone.
Bitcoin cash price is trading in a range above $2280 against the US Dollar. BCH/USD could gain traction in the near term, but it has to break $2460.
Bitcoin Cash Price Support
There was a start to a new a short-term consolidation phase in bitcoin cash price above $2200 area against the US Dollar. The price was seen moving higher a few points toward the $2400 level, but it struggled to gain momentum. It seems like the 38.2% Fib retracement level of the last drop from the $2730 high to $2250 low prevented gains and an upside break.
More importantly, yesterday’s highlighted connecting bearish trend line with current resistance at $2430 is intact on the hourly chart of BCH/USD. The pair was seen continuously offered around the $2450 resistance and the 100 hourly simple moving average. There was also a spike towards the 50% Fib retracement level of the last drop from the $2730 high to $2250 low. However, there was no upside break and close above the $2450-60 resistance levels.
The pair has to move above the mentioned $2450-60 resistance area to gain traction. Once BCH moves back in the bullish zone above $2460, it could attempt a run towards the $2700 level. On the downside, the most important range support is around $2260-80, which must hold to contain losses.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is struggling to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 50 level.
Major Support Level – $2280
Major Resistance Level – $2460
Charts courtesy – Trading View, Kraken
