Bitcoin Cash Price Technical Analysis – BCH/USD Dips Remain Limited




Bitcoin cash price is trading in a range above $1460 against the US Dollar. BCH/USD has to move above the $1600 level to gain upside traction.
Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price stayed above the $1440-20 support area against the US Dollar and is showing positive signs.
  • There are two bullish trend lines forming with support near $1460 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might not decline much from the current levels and remain supported above $1450.

Bitcoin cash price is trading in a range above $1460 against the US Dollar. BCH/USD has to move above the $1600 level to gain upside traction.

Bitcoin Cash Price Trend

There was a minor dip in bitcoin cash price yesterday towards $1400 against the US Dollar. However, the downside move was limited as the price found support around $1400 and recovered. It moved back above the $1450 support and is currently placed well above the 100 hourly simple moving average. It has also recovered above the 50% Fib retracement level of the last decline from the $1618 high to $1403 low.

The current price action is positive for BCH above the $1450 level. On the downside, there are two bullish trend lines forming with support near $1460 on the hourly chart of BCH/USD. These trend lines are near $1450 and the 100 hourly simple moving average. Therefore, the $1450-1460 support area is very important for buyers in the near term. On the upside, the 61.8% Fib retracement level of the last decline from the $1618 high to $1403 low at $1540 is currently acting as a resistance.

Bitcoin Cash Price Technical Analysis BCH USD

The price has to break the $1540 level to retest the last swing high near $1600-1620. On the downside, the trend lines, $1460 and the $1450 support area are important can be seen as a buy zone.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently flat with no major bearish sign.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the 50 level and moving lower.

Major Support Level – $1460

Major Resistance Level – $1540

 

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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