Bitcoin Cash Price Analysis: BCH/USD Eyeing Upside Break

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price is currently facing a strong resistance near $1,160 against the US Dollar.
There is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair might dip a few points, but the overall bias is positive above the $1,100 support level.

Bitcoin cash price remains in an uptrend above $1,100 against the US Dollar. BCH/USD has to move past $1,160 and $1,180 to gain upside momentum.

Bitcoin Cash Price Resistance

There were mostly ranging moves above the $1,100 support area in bitcoin cash price against the US Dollar. The price traded towards the $1,170 level, but it failed to move further higher. A high was formed near $1,168 before the price started a downside correction. At the moment, it seems like there is a strong resistance area forming near $1,160, which may act as a pivot zone.

A downward correction is underway, and the price recently broke the 23.6% fib retracement level of the last wave from the $1,048 low to $1,168 high. However, the decline is finding bids near the $1,130 level and the 100 hourly simple moving average. Further below the 100 hourly SMA, there is a key support around the $1,100 level. Moreover, the 50% fib retracement level of the last wave from the $1,048 low to $1,168 high is also around the stated support. On the upside, there is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.

Looking at the chart, the pair has to settle above the $1,160 resistance area to gain upside momentum. The next hurdles above $1,160 are seen near $1,180 and $1,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.

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

Major Support Level – $1,100

Major Resistance Level – $1,160

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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