Analysis Technical

Bitcoin Cash Price Analysis: BCH/USD Could Break Towards $472

Aayush Jindal | October 17, 2018 | 4:28 am
technical analysis bitcoin cash
Analysis

Bitcoin Cash Price Analysis: BCH/USD Could Break Towards $472

Aayush Jindal | October 17, 2018 | 4:28 am

Key Points

  • Bitcoin cash price is holding the $440 support and is trading with a positive bias against the US Dollar.
  • There is a contracting triangle in place with support at $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely to break to the upside towards the $460 and $472 resistance levels.

Bitcoin cash price is positioning for more gains against the US Dollar. BCH/USD must break $452 to gain momentum towards $460 and $472.

Bitcoin Cash Price Analysis

There was a slow and steady rise noted above the $440 level in bitcoin cash price against the US Dollar. The BCH/USD pair climbed above the $450 level and settled above the 100 hourly simple moving average. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $483 high to $436 low. However, the price failed to clear the $455-460 resistance zone.

There was no test of the 50% Fib retracement level of the recent decline from the $483 high to $436 low. At the outset, the price is consolidating above the $440 and $442 levels. There is also a contracting triangle in place with support at $445 on the hourly chart of the BCH/USD pair. The pair is likely to make the next move above the $452 resistance as long as it is above the 100 hourly SMA. On the upside, the price has to break the $459-460 resistance to accelerate gains towards the $472 level.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price is positioned nicely above the $440 support and the 100 hourly SMA. If buyers remain in action, there are high chances of an upside break above $452 and $460 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level with a tiny bearish angle.

Major Support Level – $440

Major Resistance Level – $460

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