Key Points
- Bitcoin cash price is gaining pace and it broke the $1,150 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair may continue to trade high as long as it is above $1,120 and the 100 hourly simple moving average.
Bitcoin cash price is slowly moving higher above $1,120 against the US Dollar. BCH/USD could accelerate gains towards the $1,200 level in the near term.
Bitcoin Cash Price Support
There were slow and steady gains above the $1,100 pivot level in bitcoin cash price against the US Dollar. The price moved further higher and broke the $1,120 and $1,150 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $1,210 high to $1,046 low. The best part was an hourly close above the $1,150, signaling an upside acceleration.
At the moment, the price is trading well above the $1,120 support level and the 100 hourly simple moving average. on the upside, the next major hurdle sits near $1,180. It is the 76.4% Fib retracement level of the last decline from the $1,210 high to $1,046 low. Above this, the price will most likely revisit the $1,200 level in the near term. Any further gains could push the price towards the $1,250 level. If there is a downside correction, the price may find support near the $1,140 level. There is also a connecting bullish trend line forming with support near $1,120 on the hourly chart of the BCH/USD pair.
Looking at the chart, the pair is set for more gains above $1,180. The current price action is positive with supports near $1,140 and $1,120.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed above the 55 level.
Major Support Level – $1,120
Major Resistance Level – $1,200