BUY BITCOIN
Key Points
- Bitcoin cash price is struggling to move above the $1,000 and $1,050 resistances against the US Dollar.
- There is a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently consolidating above the $950 level and is preparing for the next move.
Bitcoin cash price is consolidating in a range against the US Dollar. BCH/USD has to move past $1,010 and the 100 hourly simple moving average for more gains.
Bitcoin Cash Price Resistance
There was no major movement during the weekend above $1,050 in bitcoin cash price against the US Dollar. The price tested the $950-960 support zone on a couple of occasions. There was no downside break below $950 and the price remained confined in a range. There were a couple of swing moves, but upsides were capped by the $1,020 resistances and the 100 hourly simple moving average.
The recent swing low was $976 with an upside move above the 23.6% Fib retracement level of the last drop from the $1,042 high to $976 low. However, there are many barriers on the upside waiting to prevent gains above $1,010 and $1,040. An immediate resistance is near the 50% Fib retracement level of the last drop from the $1,042 high to $976 low. There is also a connecting bearish trend line formed with resistance at $1,010 on the hourly chart of the BCH/USD pair.
Looking at the chart, the price is facing a tough challenge near the trend line, $1,040 and the 100 hourly simple moving average. A break above $1,010 and $1,040 could open the doors for more gains towards the $1,100 level in the near term. On the downside, the $950 level is an important support.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is struggling to move above the 50 level.
Major Support Level – $950
Major Resistance Level – $1,040
