Bitcoin Cash Price Technical Analysis – BCH/USD Buyers in Control

Bitcoin Cash Price Technical Analysis BCH USD

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 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.


Subscribe to our newsletter



Related Posts