Bank Sponsored
Bitcoin Cash Price Technical Analysis BCH USD

Bitcoin Cash Price Technical Analysis

Avatar Aayush Jindal 2 years ago

Key Points

  • Bitcoin cash price is stable and in a major uptrend above $3200 against the US Dollar.
  • Yesterday’s highlighted connecting bullish trend line with current support at $3400 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might resume its uptrend sooner or later once the current correction is over at $3400.

Bitcoin cash price remains in a major uptrend against the US Dollar. BCH/USD has to stay above $3400 in order to break the $4000 level.

Bitcoin Cash Price Rise

There were heavy gains in bitcoin cash price above $3000 recently against the US Dollar. The price traded to a new all-time high at $3997 before it faced yet another batch of sellers. A correction wave was initiated from the $3997 high and the price moved below the $3800 support. There was also a break below the 50% Fib retracement level of the last wave from the $2780 low to $3997 high.

However, the downside wave was protected by the $3200 support. Moreover, yesterday’s highlighted connecting bullish trend line with current support at $3400 acted as a barrier on the hourly chart of BCH/USD. The trend line along with the $3200 pivot acted as a major support and stopped further downsides. Additionally, the 61.8% Fib retracement level of the last wave from the $2780 low to $3997 high also prevented declines. The pair is now moving back higher and is currently above the $3400 support.

Bitcoin Cash Price Technical Analysis BCH USD

BCH buyers need to make sure that the price stays above $3400 for a push towards the $4000 level. On the other hand, a close below the trend line support and $3200 could ignite more declines toward $3000.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving nicely above the 50 level.

Major Support Level – $3400

Major Resistance Level – $4000

 

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...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
AMFEIX

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Ad
Show comments