- Bitcoin cash price is correcting lower, but trading near a major support at $440 against the US Dollar.
- Yesterday’s highlighted bullish trend line with current support at $440 held losses on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains supported near the trend line at $440 and looking for an upside move.
Bitcoin cash price is holding a major support at $440 against the US Dollar. BCH/USD needs to break the $460 resistance to gather momentum.
Bitcoin Cash Price Uptrend
The past two days were bullish for Bitcoin cash price as it moved above the $480 resistance against the US Dollar. Yesterday, a correction wave was initiated from the $520 swing high. The price traded below the 50% Fib retracement level of the last leg up from the $380 low to $518 high. However, the downside move was protected by the $420 support and the 61.8% Fib retracement level of the last leg up from the $380 low to $518 high.
The best part is the fact that yesterday’s highlighted bullish trend line with current support at $440 held losses on the hourly chart of BCH/USD. The pair is trading nicely above the trend line support at $440. As long as the pair is above $440 and $420 it remains supported for more gains in the near term. On the upside, there a connecting bearish trend line forming with resistance at $460.
A break and close above $460 is needed for buyers to gather momentum for more gains. A break above $460 would open the doors for a move towards the $500 handle or even $520.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near 50 and eyeing an upside move.
Major Support Level – $440
Major Resistance Level – $460
Charts courtesy – Trading View, Kraken