Key Points
- Bitcoin cash price is moving higher and it recently broke the $1500 resistance against the US Dollar.
- This is a major bullish trend line forming with support at $1500 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might correct a few points, but remains supported above the $1500 and $1450 levels.
Bitcoin cash price made a decent upside move above $1500 against the US Dollar. BCH/USD is back in action and it might continue to move higher.
Bitcoin Cash Price Support
There was a decent upside reaction in bitcoin cash price as it managed to move above the $1450 resistance against the US Dollar. The price broke a few important hurdles and even surpassed all offers near the $1500 handle to move back in the bullish zone. A high was formed at $1586 and the price is now placed well above the 100 hourly simple moving average. At the moment, the price is correcting lower with initial support around the 23.6% Fib retracement level of the last wave from the $1205 low to $1586 high.
On the downside, there is a major bullish trend line forming with support at $1500 on the hourly chart of BCH/USD. The same trend line is near the mentioned 23.6% Fib level. Below the $1500 support, the $1460-1450 support zone might come into the picture as a buy zone. However, the most important support is now around the $1400 level. The mentioned $1400 support is the 50% Fib retracement level of the last wave from the $1205 low to $1586 high.
On the upside, a break above the $1585 resistance would open the doors for more gains above $1600 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is nicely placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower, but it is well above the 50 level.
Major Support Level – $1450
Major Resistance Level – $1600
Charts courtesy – Trading View, Kraken
