Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price held the $1,040 support and moved higher above $1,100 against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now placed nicely above the $1,100 level and the 100 hourly simple moving average.
Bitcoin cash price bounced back from $1,040 against the US Dollar. BCH/USD is now back in a bullish zone above the $1,100 pivot level.
Bitcoin Cash Price Trend
After a substantial downside correction, bitcoin cash price found buyers around $1,040 against the US Dollar. The stated $1,040 level was a major resistance earlier and this time it acted as a support. A low was formed at $1,045 before the price started an upside move. It recovered above the $1,100 resistance and also closed above the 100 hourly simple moving average.
The price also succeeded in breaking the 50% Fib retracement level of the last decline from the $1,209 high to $1,045 low. Moreover, there was a break above a connecting bearish trend line with resistance at $1,080 on the hourly chart of the BCH/USD pair. The pair is now moving nicely in a positive zone above the $1,100 level. At the moment, the price is consolidating near the 61.8% Fib retracement level of the last decline from the $1,209 high to $1,045 low. There may well be a couple of swing moves in a range before the price makes the next move, possibly above $1,160.
Looking at the chart, the price is showing a lot of positive signs above $1,100. On the upside, the next resistances are placed near $1,160, $1,180 and $1,200. Supports are at $1,120, $1,100 and 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,160
