Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Primed To Break $530

Aayush Jindal | October 9, 2018 | 4:28 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: BCH/USD Primed To Break $530

Aayush Jindal | October 9, 2018 | 4:28 am

Key Points

  • Bitcoin cash price is trading with a positive structure above the $510 support against the US Dollar.
  • There is an ascending channel in place with support at $520 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to move higher above the $530 and $540 resistance levels in the near term.

Bitcoin cash price is consolidating above $520 against the US Dollar. BCH/USD could accelerate higher once buyers clear the $530 resistance area.

Bitcoin Cash Price Analysis

Yesterday, we saw a decent upside move from the $500 support area in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $520 level and settled above the 100 hourly simple moving average. Later, it gained traction and spiked above the $530 resistance, but it failed to hold gains. An intraday high was formed at $531.6 and the price started a downside correction.

It moved below the 23.6% Fib retracement level of the recent wave from the $498 low to $531 high. However, there are many supports on the downside near the $515 and $510 levels. There is also an ascending channel in place with support at $520 on the hourly chart of the BCH/USD pair. Below the channel support, the 100 hourly SMA is positioned near the $513 level. Moreover, the 50% Fib retracement level of the recent wave from the $498 low to $531 high is at $515. Therefore, if the pair declines in the short term, it is likely to find support near the $520 and $515 levels.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is positioned nicely for more gains above $530. There could be a downside correction, but sooner or later, the price may test $550.

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 near the 50 level.

Major Support Level – $515

Major Resistance Level – $530

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