- Bitcoin cash price struggled a lot and moved towards $300 against the US Dollar.
- Recently, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair now has to gain pace for more gains above the $340 level in the near term.
Bitcoin cash price struggled a lot recently against the US Dollar formed bottom. BCH/USD has to move above the $340 level to gain strength.
Bitcoin Cash Price Uptrend
This past week there was a slow and steady decline in BCH price below the $350 level against the US Dollar. The price traded towards the $300 level, which just managed to hold declines. There were ranging moves above the $300 level and the price is now attempting an upside move. During the upside move, there was a break above two bearish trend lines with resistance at $310 on the 4-hours chart of BCH/USD.
The trend line break is an encouraging sign above $310. However, the price needs to break the 23.6% Fib retracement level of the last decline from the $484 high to $290 low at $336. Once there is a break and close above $336-340 levels, there is a chance of buyers gaining strength in the near term. The next major stop for buyers should be around the $365 level and the 38.2% Fib retracement level of the last decline from the $484 high to $290 low.
As long as the price is above the $300 level, there is a chance of an upside move in BCH. However, if buyers fail to push the price above $335-340, there can be a retest of $300.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is slightly in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has just moved above the 50 level.
Major Support Level – $300
Major Resistance Level – $340
Charts courtesy – Trading View, Kraken