- Bitcoin cash price after rallying towards $800 against the US Dollar found sellers and moved down.
- There was a break below a major bullish trend line at $460 on the hourly chart (data feed from Kraken) of BCH/USD.
- The price traded towards $300 before finding bids for another upside wave.
Bitcoin cash price is trading with an impressive bias against the US Dollar. BCH/USD is now set for another upside move in the near term.
Bitcoin Cash Price Analysis
Recently, we saw the birth of Bitcoin cash, and its price climbed higher slowly and steady against the US Dollar and Bitcoin. The upside move was such that the price moved past $400, $500 and even $750. A high was formed above $800 before strong offers were presented. Later, the price moved down, and there was a break below the $500 support area.
There was even a break below a major bullish trend line at $460 on the hourly chart of BCH/USD. The pair traded as low as $303.33 where it found support and currently moving higher. It is currently trading near the 38.2% Fib retracement level of the last decline from the $810.00 high to $303.33 low. However, the most important resistance is above $500.
The 50% Fib retracement level of the last decline from the $810.00 high to $303.33 low at $558 is a major hurdle. So, if the price continues to move higher, it might struggle around $558. If there is a break above $560, there are high chances of BCH moving back towards $750 or even higher. On the downside, the $400 and $350 levels are decent supports.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently bullish, but not gaining pace.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level, signaling gains.
Major Support Level – $400
Major Resistance Level – $560
Charts courtesy – Trading View, Kraken