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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
technical analysis bitcoin cash

Bitcoin Cash Price Analysis: BCH/USD Broke Key Resistance

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read
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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.

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Bitcoin Cash Price Analysis BCH USD

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:

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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

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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