BUY BITCOIN
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.
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
