Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Gaining Upside Momentum

Aayush Jindal | June 7, 2018 | 4:08 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: BCH/USD Gaining Upside Momentum

Aayush Jindal | June 7, 2018 | 4:08 am

Key Points

  • Bitcoin cash price is gaining pace and it broke the $1,150 resistance against the US Dollar.
  • There is a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair may continue to trade high as long as it is above $1,120 and the 100 hourly simple moving average.

Bitcoin cash price is slowly moving higher above $1,120 against the US Dollar. BCH/USD could accelerate gains towards the $1,200 level in the near term.

Bitcoin Cash Price Support

There were slow and steady gains above the $1,100 pivot level in bitcoin cash price against the US Dollar. The price moved further higher and broke the $1,120 and $1,150 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $1,210 high to $1,046 low. The best part was an hourly close above the $1,150, signaling an upside acceleration.

At the moment, the price is trading well above the $1,120 support level and the 100 hourly simple moving average. on the upside, the next major hurdle sits near $1,180. It is the 76.4% Fib retracement level of the last decline from the $1,210 high to $1,046 low. Above this, the price will most likely revisit the $1,200 level in the near term. Any further gains could push the price towards the $1,250 level. If there is a downside correction, the price may find support near the $1,140 level. There is also a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the pair is set for more gains above $1,180. The current price action is positive with supports near $1,140 and $1,120.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed above the 55 level.

Major Support Level – $1,120

Major Resistance Level – $1,200

Tags: , , , , , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.