Bitcoin Cash Price Technical Analysis – BCH/USD Moves Past $2500

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price succeeded in moving above a major resistance at $2500 against the US Dollar.
There was a break above a key contracting triangle with resistance at $2500 on the hourly chart of BCH/USD (data feed from Kraken).
The pair is currently correcting lower and is testing the same broken resistance at $2500.

Bitcoin cash price is gaining momentum above $2500 against the US Dollar. BCH/USD might continue to move higher after a minor correction from $2740.

Bitcoin Cash Price Support

There was a steady rise initiated in bitcoin cash price from the $2180 swing low against the US Dollar. The price was able to move above the $2200 and $2300 resistance levels. There was even a break above the 50% Fib retracement level of the last drop from the $2900 high to $2147 low. Therefore, it seems like the price is forming a steady bullish bias above the $2200 level.

There was also a break above a key contracting triangle with resistance at $2500 on the hourly chart of BCH/USD. It opened the doors for more gains above $2500. The pair traded above the $2700 level and formed a high at $2738. Later, a downside correction was initiated and the price moved below the $2700 level. It is currently trading near the 38.2% Fib retracement level of the last wave from the $2210 low to $2738 high. Moreover, the same broken resistance at $2500 is now acting as a support.

Overall, the price remains in a bullish trend above $2500 and it will most likely continue higher. On the downside, the next major support is around the $2475 level. It is near the 50% Fib retracement level of the last wave from the $2210 low to $2738 high.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 50 level.

Major Support Level – $2475

Major Resistance Level – $2700

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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