Key Points
- Bitcoin cash price gained heavily this past week and moved above $1,400 against the US Dollar.
- There is a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
- The pair may decline a few points in the short term, but it remains supported near $1,450 and $1,400.
Bitcoin cash price is trading nicely in the bullish zone above $1,400 against the US Dollar. BCH/USD is likely to remain in an uptrend with resistances at $1,600 and $1,750.
Bitcoin Cash Price Support
There were decent gains from the $1,180 this past week in bitcoin cash price against the US Dollar. The price gained heavy bullish momentum and it was able to move above the $1,200 and $1,400 resistance levels. It even traded above the $1,500 level and formed a high near $1,617. At the moment, the price is correcting lower, but it remains supported on the downside above $1,400.
An initial support is around the 23.6% Fib retracement level of the last wave from the $1,186 low to $1,617 high. There is also a crucial bullish trend line forming with support at $1,480 on the 4-hours chart of the BCH/USD pair. The pair is currently showing a few bearish signs, but there are many supports on the downside at $1,450 and $1,400. The mentioned $1,400 is significant since it is the 50% Fib retracement level of the last wave from the $1,186 low to $1,617 high.
Therefore, any major dips from the current levels are likely to find bids near $1,400. On the upside, a break above the $1,600 level is needed for a test of the $1,700 level, followed by $1,750.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is placed nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 70 level.
Major Support Level – $1,400
Major Resistance Level – $1,750
Charts courtesy – SimpleFX