Key Points
- Bitcoin cash price attempted a recovery above the $600 level against the US Dollar.
- There is a short-term ascending channel formed with support at $590 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could move higher if it holds the $590 support and breaks the $620 resistance.
Bitcoin cash price is consolidating with tiny recoveries against the US Dollar. BCH/USD must break the $620 resistance to recover towards $650.
Bitcoin Cash Price Support
After trading as low as $656, bitcoin cash price started a minor upside move above $570 against the US Dollar. The BCH/USD pair managed to move above the $580 and $600 resistance levels. It also succeeded in breaking the 23.6% Fib retracement level of the last major drop from the $710 high to $565 low. However, the upside move faced a strong resistance near the $620 level.
The price is currently moving lower and is trading below the $600 level. It also broke the 23.6% Fib retracement level of the recent wave from the $565 low to $620 high. On the downside, there is a decent support formed near the $585-590 zone. Moreover, there is a short-term ascending channel formed with support at $590 on the hourly chart of the BCH/USD pair. The pair remains supported on dips near the $590, below which, sellers could gain control. The last low at $565 must hold declines if the price extends declines. If not, the next stop for sellers could be near the $550 level.
Looking at the chart, BCH price is showing a few positive signs above $590. However, a proper hourly close above the $620 resistance is needed for more gains. The next resistance above $620 is positioned near the $650 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is dipping below the 50 level.
Major Support Level – $590
Major Resistance Level – $620
