- Bitcoin cash price seems to be settling above the $600 level against the US Dollar and might continue higher.
- There was a break above a contracting triangle with resistance near $660 on the hourly chart of BCH/USD (data feed from Kraken) was broken.
- The price is now trading above the $650 level and the 100 hourly simple moving average.
Bitcoin cash price is slowly moving above $600 against the US Dollar. BCH/USD might continue to trade higher and could challenge the $750 level.
Bitcoin Cash Price Support
There was a slight bounce in Bitcoin cash price from the $630 support against the US Dollar. The price is slowly moved higher and traded above the $650 level and the 100 hourly simple moving average. It is a positive sign considering the fact that the price is now well above the 23.6% Fib retracement level of the last decline from the $945 high to $535 low. However, it has to break a major resistance near $750 for more gains.
Recently, there was a break above a contracting triangle with resistance near $660 on the hourly chart of BCH/USD. It is another positive sign, but the price is lagging momentum above $700. On the upside, the 50% Fib retracement level of the last decline from the $945 high to $535 low at $735 is a major hurdle. It already protected upsides once and might defend gains again around $730. On the downside, the triangle support trend line at $660 is a decent support.
Once there is a close above $700, there is a chance of buyers taking the price above $730 and $750. If they fail, there is a possibility that the price could decline back towards $600.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed just around the 50 level with neutral signs.
Major Support Level – $650
Major Resistance Level – $730
Charts courtesy – Trading View, Kraken