- 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.
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