Bitcoin Cash Price Technical Analysis – BCH/USD Settles Above $650

Key Points

  • 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.

Bitcoin Cash Price Technical Analysis BCH USD

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

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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