Bitcoin Cash Price Technical Analysis – BCH/USD Attempting Upside Break




Bitcoin cash price is slowly preparing for gains against the US Dollar. BCH/USD may soon break $360 and attempt a move above $400.
Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price is trading in a tiny range above the $320 level against the US Dollar.
  • There is a major contracting triangle pattern with resistance near $360 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • A break and close above the $360 level might call for more gains in the near term.

Bitcoin cash price is slowly preparing for gains against the US Dollar. BCH/USD may soon break $360 and attempt a move above $400.

Bitcoin Cash Price Upside Hurdle

It seems like Bitcoin cash price is preparing for a break towards the $400 level against the US Dollar. The price is currently trading in a tiny range above the $320 level. Recently, it dipped from the $438 high and moved below the $400 level. There was even a break below the 50% Fib retracement level of the last wave from the $240 low to $438 high.

However, as mentioned in the last analysis, the decline is protected by the $320 level and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $240 low to $438 high is acting as a support. At the moment, there is a major contracting triangle pattern with resistance near $360 forming on the hourly chart of BCH/USD. If buyers gain pace and the price succeed in breaking the $360 level, there could be gains towards $400.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the triangle support is near $340. A break below $340 would take the price back towards the 100 hourly simple moving average. Any further losses would be limited considering the support base near $300.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now preparing to move from the bearish to bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is just around the 50 level.

Major Support Level – $320

Major Resistance Level – $360

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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