Key Points
- Bitcoin cash price rocketed higher above the $1500 level against the US Dollar to trade as high as $1805.
- There is a crucial bullish trend line forming with support at $1450 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair is a super uptrend and it is likely to extend gains toward the $2000 level in the near term.
Bitcoin cash price is gaining pace above $1500 against the US Dollar. BCH/USD might continue to move higher and it could even test $2000.
Bitcoin Cash Price Support
There were nasty gains in bitcoin cash price during the past two days as it broke the $1000 level against the US Dollar. The price traded to a new all-time high at $1805 and it seems like the current bullish wave is not over yet. At the moment, the price is trading near the $1750 levels and is consolidating gains. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1220 low to $1805 high.
The downside reaction would be limited in the short term by $1500 or $1400. There is a crucial bullish trend line forming with support at $1450 on the 4-hours chart of BCH/USD. The trend line support is near the 50% Fib retracement level of the last wave from the $1220 low to $1805 high. Therefore, any major dips from the current levels toward $1500 might find strong buying interest. Only a close below $1400 could open the doors for a downside wave toward the $1000 level.
On the upside, the price will most likely try to break the $1805 high. It could even break the $2000 level if buyers remain in action.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is placed strongly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is in super overbought levels.
Major Support Level – $1500
Major Resistance Level – $2000
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.