Key Points
- Bitcoin cash price made a nice upside move and traded above the $1180 resistance against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at $1180-$1200 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price is now well above $1200 and the 100 hourly simple moving average, which is a positive sign.
Bitcoin cash price gained bullish momentum recently above $1200 against the US Dollar. BCH/USD might continue to move higher towards $1500.
Bitcoin Cash Price Support
There was a solid upside move in bitcoin cash price as it was able to move above the $1150 resistance against the US Dollar. The best part is that there was a break above the $1200 resistance and the 100 hourly simple moving average. It has opened the doors for more gains since the price is already above the $1300 level. During the recent upside move, yesterday’s highlighted major bearish trend line with resistance at $1180-$1200 was broken on the hourly chart of BCH/USD.
The pair traded as high as $1376 recently and is currently placed well in the bullish zone. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1130 low to $1376 high. The current trend seems to be bullish with chances of BCH testing $1500. The price is well above the 100 hourly SMA and is positioned for more gains.
On the downside, the broken resistance near $1200 is now a good support. An intermediate support is around the 50% Fib retracement level of the last wave from the $1130 low to $1376 high near $1250. Buying dips toward $1250 and $1200 can be considered in the short term with a stop below the 100 hourly SMA.
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 near the overbought levels.
Major Support Level – $1250
Major Resistance Level – $1500
Charts courtesy – Trading View, Kraken
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