Key Points
- Bitcoin cash price is in a major uptrend from the $650 swing low against the US Dollar.
- There is a crucial bullish trend line forming with support near $1,090 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair remains well supported on the downside and it could even break $1,200 in the near term.
Bitcoin cash price is gaining traction above $1,000 against the US Dollar. BCH/USD may perhaps extend gains above the $1,200 level if buyers remain in control.
Bitcoin Cash Price Support
There was a monster rally from the $800 support in bitcoin cash price against the US Dollar. The price jumped and broke many resistances such as $900 and $1,000. It even broke the $1,100 level and traded close to the $1,200 level. A high was formed at $1,193 before the price started a downside correction. It moved down below the 23.6% Fib retracement level of the last wave from the $873 low to $1,193 high.
However, the downside move was limited by the $1,040 level. Moreover, the 50% Fib retracement level of the last wave from the $873 low to $1,193 high acted as a support. More importantly, there is a crucial bullish trend line forming with support near $1,090 on the 4-hours chart of the BCH/USD pair. The pair is moving higher again and is currently trading well above the $1,080 level. It seems like it could continue to move higher and it may even break the $1,200 level in the near term. Above the mentioned $1,200, the price may perhaps test the $1,240 level in the near term.
Looking at the chart, the price remains well supported on the downside near $1,080 and $1,050 levels.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is currently reducing its bullish slope.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 85 level.
Major Support Level – $1,090
Major Resistance Level – $1,200