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

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
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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.

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Bitcoin Cash Price Technical Analysis BCH USD

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:

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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

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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