Bitcoin Cash Price Technical Analysis – BCH/USD to Trade Higher

Aayush Jindal

1 year ago

2 mins read

Bitcoin Cash Price Technical Analysis BCH USD

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Key Points

Bitcoin cash price is recovering and is currently trading above $1,100 against the US Dollar.
There was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD (data feed from Kraken).
The pair is now trading comfortably above the $1,100 level and the 100 hourly simple moving average.

Bitcoin cash price has moved in the positive zone against the US Dollar. BCH/USD may continue to gain momentum above the $1,150 level in the near term.

Bitcoin Cash Price Support

There was a decent recovery initiated from the $960 support area in bitcoin cash price against the US Dollar. The price traded higher and moved above the $1,000 and $1,050 resistance levels. The trend is positive since the price was able to close above the $1,000 level and the 100 hourly simple moving average. Moreover, there was a decent support base formed above the $1,000 level.

More importantly, there was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD. The pair also traded above the $1,100 resistance and formed a high at $1,159. At the moment, the pair is consolidating above the $1,100 level. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $962 low to $1,159 high. However, the most important support is near the $1,050 level.

The 50% Fib retracement level of the last wave from the $962 low to $1,159 high is also near $1,060 to act as a support. The overall bias is positive as long as the price is above the $1,050 support and the 100 hourly SMA.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed well above the 50 level.

Major Support Level – $1,050

Major Resistance Level – $1,150

Charts courtesy – Trading View

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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