Key Points
- Bitcoin cash price succeeded in moving higher and settled above $1,250 against the US Dollar.
- There was a break above yesterday’s highlighted key bearish trend line with resistance at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair is now trading in a positive zone and it may break $1,300 for further gains.
Bitcoin cash price is gaining momentum above $1,250 against the US Dollar. BCH/USD is likely to extend gains once it break the $1,300 resistance.
Bitcoin Cash Price Support
There was a fresh upside wave initiated from the $1,175 swing low in bitcoin cash price against the US Dollar. The price traded higher and it was able to break two important resistance levels – $1,200 and $1,220. More importantly, there was an hourly close above the $1,200 level and the 100 hourly simple moving average. It opened the doors for more gains above $1,250.
During the upside move, there was a break above yesterday’s highlighted key bearish trend line with resistance at $1,220 on the hourly chart of BCH/USD. The pair even surged above the $1,265 level and traded as high as $1,291. At the moment, the pair is consolidating in a range above the $1,265 level. A contracting triangle is forming with current resistance at $1,290 on the same chart. Once there is a break above the $1,290 level, the price may break the $1,300 resistance for more gains.
On the downside, an initial support is at $1,270. A break and close below the $1,270 support could trigger more losses. The next major support is around the 38.2% Fib retracement level of the last wave from the $1,175 low to $1,291 high.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Major Support Level – $1,250
Major Resistance Level – $1,300
Charts courtesy – SimpleFX
