BUY BITCOIN
Key Points
- Bitcoin cash price is trading in a range above the $600 support against the US Dollar.
- There is a new contracting triangle formed with support near $620 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could decline further below $620 to test the next support near the $600 level in the near term.
Bitcoin cash price is consolidating in a range against the US Dollar. BCH/USD is likely to visit the $600 support before it climbs back above $650.
Bitcoin Cash Price Range Support
During the past three sessions, there were mostly range moves below the $650 level in bitcoin cash price against the US Dollar. The BCH/USD pair corrected lower after trading as high as $660. It moved down and broke the 50% Fib retracement level of the last leg from the $600 low to $660 high. There was even a spike below the $620 support level, but later the price recovered.
It seems like the 76.4% Fib retracement level of the last leg from the $600 low to $660 high acted as a support near $615. The price recovered and started trading in a range above $620. More importantly, there is a new contracting triangle formed with support near $620 on the hourly chart of the BCH/USD pair. If the price fails to stay above the $620 support, there could be more losses towards the $600 support. Below this last, the price may perhaps trade towards the $590 level and the 100 hourly simple moving average.
Looking at the chart, BCH price is placed nicely in an uptrend above the $600 level. On the upside, buyers need to clear the triangle resistance at $650 to push the price above the $660 high.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is placed above the 50 level.
Major Support Level – $620
Major Resistance Level – $650
