Bitcoin Cash Price Analysis: BCH/USD Resumes Uptrend

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin cash price found support near the $865 level and bounced back against the US Dollar.
Yesterday’s highlighted short-term bullish trend line is intact with support at $880 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is moving higher and it may soon make an attempt to break the $908 resistance level.

Bitcoin cash price found support above $850 and recovered against the US Dollar. BCH/USD is resuming uptrend and it could break the $900-910 resistance.

Bitcoin Cash Price Trend

After a correction below the $880 level, bitcoin cash price found support against the US Dollar. The price tested the $865 level where buyers appeared and prevented more losses. Moreover, the 61.8% Fib retracement level of the last leg from the $825 low to $925 swing high also acted as a support. A fresh upward wave was initiated and the price bounced back above the $880 resistance level.

During the upside, the price broke the 50% Fib retracement level of the last decline from the $926 high to $865 low. The current price action is positive and suggests more gains above the $900 level. An initial hurdle for buyers is around the $908-910 zone. Moreover, the 76.4% Fib retracement level of the last decline from the $926 high to $865 low at $911 may also stop upsides. Should there be an upside break above $911, the price could kick start more gains above the $920 level. On the downside, yesterday’s highlighted short-term bullish trend line is intact with support at $880 on the hourly chart of the BCH/USD pair.

Looking at the chart, the price is well supported above the $880 level, the trend line, and the 100 hourly simple moving average.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Major Support Level – $880

Major Resistance Level – $910

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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