Bitcoin Cash Price Technical Analysis – BCH/USD Recovers Above $900

Bitcoin Cash Price Technical Analysis BCH USD

Key Points

  • Bitcoin cash price declined as low as $748 and is currently recovering against the US Dollar.
  • There was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • There is another bearish trend line on the upside with resistance at $1060 on the same chart.

Bitcoin cash price recovered nicely from the $748 low against the US Dollar. BCH/USD is currently above $900 and is facing resistances near $1,000 and $1,060.

Bitcoin Cash Price Recovery

There were further declines in bitcoin cash price below the $900 level against the US Dollar. The price even broke the $800 level and traded as low as $748. Later, the price started an upside correction and moved above the $800 level. It was able to move above the 23.6% Fib retracement level of the decline from the $1,160 high to $748 low as well.

More importantly, there was a break above a bearish trend line with resistance at $890 on the hourly chart of BCH/USD. The pair traded above the $900 level and made a decent recovery. However, there is another bearish trend line on the upside with resistance at $1060 on the same chart. Moreover, the price is currently testing the 50% Fib retracement level of the decline from the $1,160 high to $748 low. It is struggling to gain momentum above $950-960. It could move towards the $1,000 level, but an upside break above $1,000 won’t be easy.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the broken resistance at $900 is a support. Below $900, the price may retest the $800 support level if sellers come back in the action.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has just moved from the bearish to the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD has just managed to move back above the 50 level.

Major Support Level – $900

Major Resistance Level – $1,000

 

Charts courtesy – SimpleFX

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