Key Points
- Bitcoin cash price is slowly moving higher and is currently above the $1680 level against the US Dollar.
- There is a new ascending channel forming with support at $1660 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair may continue to move higher since there are a lot of positive signs with a break above $1650.
Bitcoin cash price is gaining upside momentum above $1650 against the US Dollar. BCH/USD is likely to gain further, but for that it has to settle above $1700.
Bitcoin Cash Price Trend
There was a minor bounce in bitcoin cash price from the $1550 swing low against the US Dollar. The price gained traction and it was able to move above the $1600 and $1650 resistance levels. The upside move was positive with a break above the $1700 level. A high was formed near $1756 from where a downside correction was initiated. BCH moved below the 23.6% Fib retracement level of the last leg up from the $1556 low to $1756 high.
At the moment, it seems like there is a new ascending channel forming with support at $1660 on the hourly chart of BCH/USD. The pair is currently testing the 38.2% Fib retracement level of the last leg up from the $1556 low to $1756 high. Below the channel support, the 100 hourly simple moving average at $1640. It also coincides with the 50% Fib retracement level of the last leg up from the $1556 low to $1756 high. Therefore, the $1640-1650 support area holds a lot of importance in the near term.
On the upside, the price may soon break $1700 one more time to challenge the $1750 swing high.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.
Major Support Level – $1650
Major Resistance Level – $1750
Charts courtesy – Trading View, Kraken
