Key Points
- Bitcoin cash price failed to break the $1,500 resistance and continues to trade in a range against the US Dollar.
- There is a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to consolidate in a range below $1,500 before making the next move.
Bitcoin cash price is currently consolidating below $1,500 against the US Dollar. BCH/USD must stay above the $1,400 and $1,360 support levels to remain in a bullish zone.
Bitcoin Cash Price Upside Hurdle
There were a couple of swing moves in bitcoin cash price above the $1,360 support level against the US Dollar. The price attempted to move above the $1,500 resistance on a couple of occasions. However, buyers failed to gain upside momentum above $1,500. It seems like the price is struggling to clear a strong sell wall near $1,500 and is currently following the 100 hourly simple moving average.
It recently traded as high as $1,493 before starting a downside correction. It moved down below the 38.2% Fib retracement level of the last leg from the $1,331 low to $1,493 high. However, the downside move was limited by the $1,400 support area. There is also a short-term bullish trend line forming with support at $1,400 on the hourly chart of the BCH/USD pair. Moreover, the 61.8% Fib retracement level of the last leg from the $1,331 low to $1,493 high also acted as a support during the recent slide.
Looking at the chart, the price must settle above the $1,440 resistance and the 100 hourly SMA to gain momentum. A successful close above 100 hourly SMA could open the doors for a break above the $1,500 resistance in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level.
Major Support Level – $1,400
Major Resistance Level – $1,500