Key Points
- Bitcoin cash price is moving higher and it broke the $975 resistance against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $975 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently trading just above the $1,050 level and the 100 hourly simple moving average.
Bitcoin cash price is showing positive signs against the US Dollar. BCH/USD could rise further if it stays above the $1,000 support level.
Bitcoin Cash Price Upside Move
There was a fresh upside wave initiated from the $841 swing low in bitcoin cash price against the US Dollar. The price moved higher and succeeded in breaking a major resistance at $925. It also made an upside move above the 23.6% Fib retracement level of the last decline from the $1,299 high to $841 low. It opened the doors for more gains and the price gained traction above $1,000.
More importantly, there was a break above a crucial bearish trend line with resistance at $975 on the hourly chart of the BCH/USD pair. Later, the pair succeeded in surpassing the $1,050 level and the 100 hourly simple moving average. However, it is currently facing resistance near the 50% Fib retracement level of the last decline from the $1,299 high to $841 low. On the upside, the next major resistance is around the $1,140 level, which was a support earlier.
On the downside, the price has to stay above the $1,000 level and the 100 hourly SMA. Should the price fails to stay above $1,000, it could move back in a bearish zone. The overall price action is positive as long as the price is above $1,000.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 55 level.
Major Support Level – $1,000
Major Resistance Level – $1,140
Charts courtesy – Trading View