- Bitcoin cash price is a major uptrend and is currently well above $1,250 against the US Dollar.
- There is a key contracting triangle forming with support at $1,240 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair will most likely accelerate higher and it could soon break the $1,300 level in the near term.
Bitcoin cash price is soaring higher to break $1,300 against the US Dollar. BCH/USD remains in a nasty uptrend with supports at $1,250 and $1,240.
Bitcoin Cash Price Trend
There was no stopping buyers as bitcoin cash price climbed above the $1,200 level against the US Dollar. The price even succeeded in trading above the $1,250 level to set the pace for more gains. The last swing high was at $1,265 from where there was a minor downside correction. It declined and tested the $1,200 support area, which acted as a strong barrier for sellers.
A new recovery wave was initiated and the price moved above the $1,250 level. It is currently trading above the last swing high at $1,265. It means the price could break the 1.236 fib extension of the last decline from the $1,265 high to $1,181 low. Once there is a break above the mentioned fib extension, the price may perhaps break the $1,300 level. The next stop could be the 1.618 fib extension of the last decline from the $1,265 high to $1,181 low at $1,317. At the moment, there is a key contracting triangle forming with support at $1,240 on the hourly chart of the BCH/USD pair.
Looking at the chart, the triangle resistance may meet buyers near the $1,320 level. Therefore, the next reaction zone on the upside could be $1,317-1,320.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 70 level.
Major Support Level – $1,250
Major Resistance Level – $1,320