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 jumped higher and broke a key resistance at $950 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $960 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair may correct a few points in the short term, but downsides remain supported above $950.
Bitcoin cash price is back in a bullish zone above $950 against the US Dollar. BCH/USD has to gather pace above $1,040 for more gains in the near term.
Bitcoin Cash Price Trend
There was a decent support formed around the $870 level in bitcoin cash price against the US Dollar. The price started a solid upside move and traded above the $900 resistance level. It opened the doors for more gains and the price broke the 50% Fib retracement level of the last decline from the $1,010 high to $870 low. During the upside move, the price also managed to clear a major barrier near $950.
A break above the stated $950 resistance is a positive sign for buyers. More importantly, there was a break above a major bearish trend line with resistance at $960 on the hourly chart of the BCH/USD pair. The pair is now placed nicely above the $960 level and the 100 hourly simple moving average. The recent high was around $1,030 and the price is currently consolidating gains. On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $970 low to $1,030 high.
Looking at the chart, the previous resistance near $950 is likely to act as a strong support. Moreover, the 50% Fib retracement level of the last wave from the $970 low to $1,030 high is near $950 to provide support.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 65 level.
Major Support Level – $950
Major Resistance Level – $1,040
