BUY BITCOIN
Key Points
- Bitcoin cash price is currently facing a strong resistance near $1,160 against the US Dollar.
- There is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair might dip a few points, but the overall bias is positive above the $1,100 support level.
Bitcoin cash price remains in an uptrend above $1,100 against the US Dollar. BCH/USD has to move past $1,160 and $1,180 to gain upside momentum.
Bitcoin Cash Price Resistance
There were mostly ranging moves above the $1,100 support area in bitcoin cash price against the US Dollar. The price traded towards the $1,170 level, but it failed to move further higher. A high was formed near $1,168 before the price started a downside correction. At the moment, it seems like there is a strong resistance area forming near $1,160, which may act as a pivot zone.
A downward correction is underway, and the price recently broke the 23.6% fib retracement level of the last wave from the $1,048 low to $1,168 high. However, the decline is finding bids near the $1,130 level and the 100 hourly simple moving average. Further below the 100 hourly SMA, there is a key support around the $1,100 level. Moreover, the 50% fib retracement level of the last wave from the $1,048 low to $1,168 high is also around the stated support. On the upside, there is a major bearish trend line forming with resistance at $1,160 on the hourly chart of the BCH/USD pair.
Looking at the chart, the pair has to settle above the $1,160 resistance area to gain upside momentum. The next hurdles above $1,160 are seen near $1,180 and $1,200.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just above the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,160
