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Home Technical analysis

Bitcoin Cash Price Analysis: BCH/USD Surging Above $750

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin cash
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Key Points

  • Bitcoin cash price gained traction and jumped above the $840 and $850 resistances against the US Dollar.
  • There was a break above a declining channel with resistance at $810 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is placed nicely in an uptrend and it could retest the $890 and $900 resistance levels.

Bitcoin cash price is surging higher against the US Dollar. BCH/USD is primed to extend gains above the $880 level in the near term.

Bitcoin Cash Price Trend

There was a strong buying interest emerged around the $770 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and jumped above the $800 resistance. The move was strong as the price settled above the $825 resistance and the 100 hourly simple moving average. Later, BCH buyers got into action and pushed the price above the $840 and $850 resistance levels.

The price traded as high as $877 and is currently consolidating gains. An initial support is near the 23.6% Fib retracement level of the last wave from the $772 low to $877 high. If the price extends its correction below the $850 level, it could trade towards the $840 support. However, a key support sits near the 50% Fib retracement level of the last wave from the $772 low to $877 high. Below this, the 100 hourly SMA is a strong support near the $810 level.

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Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price is clearly in an uptrend above the $850 level. A push above the $877 high will most likely open the doors for more gains above the $880 level. The next hurdles for buyers are near the $890 and $900 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 55 level.

Major Support Level – $840

Major Resistance Level – $890

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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