Key Points
- Bitcoin cash price is trading above the $1,500 support and is preparing for the next move against the US Dollar.
- There is a short-term contracting triangle forming with resistance at $1,540 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair is likely to break the triangle resistance at $1,540 and make the next move.
Bitcoin cash price is stable above the $1,500 support against the US Dollar. BCH/USD may continue to rise in the short term towards $1,600 and $1,650.
Bitcoin Cash Price Support
There was a slow and steady rise above the $1,450 level in bitcoin cash price against the US Dollar. The price moved above the $1,500 level and is currently trading comfortably above the stated level. Moreover, the price is above the $1,510 pivot level and the 100 hourly simple moving average. After the last decline to $1,381, the price recovered and moved above the 50% Fib retracement level of the last drop from the $1,615 swing high to $1,380 low.
However, there is a major resistance near the $1,540-1,550 levels. There is also a short-term contracting triangle forming with resistance at $1,540 on the hourly chart of BCH/USD. The pair may continue to trade in a range above $1,500 before it makes the next move. A successful close above the 61.8% Fib retracement level of the last drop from the $1,615 swing high to $1,380 low could open the doors for more gains. A break and close above the $1,550 level could clear the path for a push towards $1,600.
On the downside, the $1,500 level remains a major support. A break below it could ignite more losses towards $1,400.
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 currently above the 50 level with a flat structure.
Major Support Level – $1,500
Major Resistance Level – $1,550
Charts courtesy – SimpleFX
