Bitcoin Cash Price Technical Analysis – BCH/USD Settles Above $650




Bitcoin cash price is gaining upward momentum above $620 against the US Dollar. BCH/USD is now well above $650 and sighting further upsides.

Key Points

  • Bitcoin cash price climbed further higher and settled above the $650 level against the US Dollar.
  • There is a new bullish trend line with support at $665 forming on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to move higher and could even trade towards the $750 level in the near term.

Bitcoin cash price is gaining upward momentum above $620 against the US Dollar. BCH/USD is now well above $650 and sighting further upsides.

Bitcoin Cash Price Support

There were continuous gains in Bitcoin cash price as it moved past the $600 and $650 level against the US Dollar. The price was also able to trade above the $700 handle and traded as high as $722. Later, a minor correction wave was initiated, and currently the price is trading below the $700 level. It has moved below the 23.6% Fib retracement level of the last wave from the $550.0 low to $722.0 high. However, the downside move seems to be limited and supported by $660-650.

To protect downsides, there is a new bullish trend line with support at $665 forming on the hourly chart of BCH/USD. The trend line support is also near the 38.2% Fib retracement level of the last wave from the $550.0 low to $722.0 high. The price is currently trading near the trend line support at $665 and might bounce back. If buyers fail to defend $665, a test of the next major support at $635 is possible.

Bitcoin Cash Price Technical Analysis BCH USD

On the upside, the $700 handle is an initial resistance. A break above it could take the price back towards $722. Further above $722, there would be a test of the $750 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving down towards the 50 level.

Major Support Level – $665

Major Resistance Level – $700

 

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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