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Home Technical analysis

Bitcoin Cash Price Technical Analysis – BCH/USD Could Test $700

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
Bitcoin Cash Technical analysis
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Key Points

  • Bitcoin cash price is moving higher and is currently placed above $650 against the US Dollar.
  • Yesterday’s highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is showing bullish signs and it seems like it could break $680 to test the $700 handle.

Bitcoin cash price is gaining pace against the US Dollar. BCH/USD is likely to accelerate higher as long as it is above the $650 support level.

Bitcoin Cash Price Support

There was a decent start of an upside wave from the $625 swing low in bitcoin cash price against the US Dollar. The price traded above the $640 and $650 resistance levels to move back in a positive zone. More importantly, the price is now well above the $640 pivot level and the 100 hourly simple moving average. It recently traded as high as $676 before a minor downside correction.

It tested the 23.6% Fib retracement level of the last wave from the $625 low to $676 high. However, the downside was limited and it seems like the price is about to resume its uptrend. A break above the $676 high could push the price towards the last swing high at $685. Above the mentioned $685 level, the price may even test the $700 resistance in the near term. On the other hand, if there is a downside correction, the $650 support may stop losses.

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Bitcoin Cash Price Technical Analysis BCH USD

Moreover, yesterday’s highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair. Therefore, the pair remains supported on the downside above the $650 level and it could continue to move higher towards $700.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.

Major Support Level – $650

Major Resistance Level – $685

 

Charts courtesy – Trading View

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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