Key Points
- Bitcoin cash price is holding the $440 support and is trading with a positive bias against the US Dollar.
- There is a contracting triangle in place with support at $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to break to the upside towards the $460 and $472 resistance levels.
Bitcoin cash price is positioning for more gains against the US Dollar. BCH/USD must break $452 to gain momentum towards $460 and $472.
Bitcoin Cash Price Analysis
There was a slow and steady rise noted above the $440 level in bitcoin cash price against the US Dollar. The BCH/USD pair climbed above the $450 level and settled above the 100 hourly simple moving average. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $483 high to $436 low. However, the price failed to clear the $455-460 resistance zone.
There was no test of the 50% Fib retracement level of the recent decline from the $483 high to $436 low. At the outset, the price is consolidating above the $440 and $442 levels. There is also a contracting triangle in place with support at $445 on the hourly chart of the BCH/USD pair. The pair is likely to make the next move above the $452 resistance as long as it is above the 100 hourly SMA. On the upside, the price has to break the $459-460 resistance to accelerate gains towards the $472 level.
Looking at the chart, BCH price is positioned nicely above the $440 support and the 100 hourly SMA. If buyers remain in action, there are high chances of an upside break above $452 and $460 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level with a tiny bearish angle.
Major Support Level – $440
Major Resistance Level – $460