- Bitcoin cash price is slowly moving in an uptrend above the $1550 level against the US Dollar.
- This is a crucial ascending channel forming with support at $1550 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair might continue to move higher and it could even break the $1680 resistance in the near term.
Bitcoin cash price is moving nicely towards $1800 against the US Dollar. BCH/USD is in an uptrend and remains well supported above the $1500 level.
Bitcoin Cash Price Trend
There was a slow and steady rise in bitcoin cash price above the $1500 level against the US Dollar. The price was able to move above the $1600 and $1650 resistance levels before starting a downside correction. A high was formed at $1677.1 from where a minor downside reaction was initiated. Sellers pushed the price below the 38.2% Fib retracement level of the last upside wave from the $1350 low to $1677 high.
However, the downside move was prevented by the $1500-1510 support area. Moreover, there is a crucial ascending channel forming with current support at $1550 on the hourly chart of BCH/USD. It recently acted as a support above $1520 and prevented further losses. More importantly, the 50% Fib retracement level of the last upside wave from the $1350 low to $1677 high acted as a strong support.
The pair is now moving back higher and it is likely to extend gains above the $1600 level. On the upside, an initial resistance is at $1600 followed by the last swing high at $1677. A break above the $1677 level could open the doors for a move towards the $1800 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed nicely above the 50 level and is positive.
Major Support Level – $1550
Major Resistance Level – $1670
Charts courtesy – Trading View, Kraken