Bitcoin Cash Price Technical Analysis – BCH/USD is In Uptrend

Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price is slowly moving in an uptrend above the $1550 level against the US Dollar.
  • This is a crucial ascending channel forming with support at $1550 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might continue to move higher and it could even break the $1680 resistance in the near term.

Bitcoin cash price is moving nicely towards $1800 against the US Dollar. BCH/USD is in an uptrend and remains well supported above the $1500 level.

Bitcoin Cash Price Trend

There was a slow and steady rise in bitcoin cash price above the $1500 level against the US Dollar. The price was able to move above the $1600 and $1650 resistance levels before starting a downside correction. A high was formed at $1677.1 from where a minor downside reaction was initiated. Sellers pushed the price below the 38.2% Fib retracement level of the last upside wave from the $1350 low to $1677 high.

However, the downside move was prevented by the $1500-1510 support area. Moreover, there is a crucial ascending channel forming with current support at $1550 on the hourly chart of BCH/USD. It recently acted as a support above $1520 and prevented further losses. More importantly, the 50% Fib retracement level of the last upside wave from the $1350 low to $1677 high acted as a strong support.

Bitcoin Cash Price Technical Analysis BCH USD

The pair is now moving back higher and it is likely to extend gains above the $1600 level. On the upside, an initial resistance is at $1600 followed by the last swing high at $1677. A break above the $1677 level could open the doors for a move towards the $1800 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level and is positive.

Major Support Level – $1550

Major Resistance Level – $1670

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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