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