Bitcoin Cash Price Technical Analysis – Can BCH/USD Surpass This?




Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price climbed towards $680 against the US Dollar before starting a correction.
  • There is a contracting triangle pattern with resistance near $620 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • A break and close above the $620 level is needed for the price to gain further.

Bitcoin cash price is slowly recovering above $580 against the US Dollar. BCH/USD has to settle above $620-650 to maintain bullish bias.

Bitcoin Cash Price Resistance

Recently, there was a decent upside move above $630 level in Bitcoin cash price against the US Dollar. The price traded as high as $676 before facing sellers and starting a correction. The price declined and traded towards a bullish trend line with support at $580 on the hourly chart. Later, it consolidated for some time above the $580 level before starting an upside move.

However, the upside move was protected by a bearish trend line at $640. The current resistance now stands near $620. On the upside the 61.8% Fib retracement level of the last decline from the $676 high to $575 low also acted as a barrier. It seems like a contracting triangle pattern with resistance near $620 forming on the hourly chart of BCH/USD. As long as the price is above $580, there is a chance of BCH breaking the $620-630 resistance area in the near term.

Bitcoin Cash Price Technical Analysis BCH USD

Buyers need to make sure there is no close below $580 else there can be more declines. Buying dips can be considered in the near term with stop below $575. On the upside, a break and close above the $620 level is needed for the price to gain further.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is heading lower towards the 50 level.

Major Support Level – $580

Major Resistance Level – $620

 

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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