Key Points
- Bitcoin cash price attempted an upside recovery and tested the $770-780 resistance against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair has to move above the $760, $770 and $775 resistance zone to gain traction in the near term.
Bitcoin cash price is struggling to break the $775 resistance against the US Dollar. BCH/USD may trade in a range before making an attempt to break $770-780.
Bitcoin Cash Price Upside Hurdle
There was a minor upside move above the $700 level in bitcoin cash price against the US Dollar. The BCH/USD pair managed to move above the $750 resistance zone and traded with a few bullish moves. There was a break above the 38.2% Fib retracement level of the last drop from the $904 high to $665 swing low. However, the price faced a strong resistance zone near $770-780, which prevented further gains.
More importantly, yesterday’s highlighted crucial bearish trend line in intact with resistance at $760 on the hourly chart of the BCH/USD pair. The 50% Fib retracement level of the last drop from the $904 high to $665 swing low is also acting as a resistance. Additionally, the 100 hourly simple moving average is positioned with the trend line and resistance near $760. Therefore, it seems like the price has to move above the $760, $770 and $775 resistance levels to recover further in the near term.
Looking at the chart, the price may perhaps trade in a range below $780 for a few sessions. If there is a break above $775 and $780, there could be a nice drift above the $800 level.
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 below the 50 level.
Major Support Level – $720
Major Resistance Level – $775