- Bitcoin cash price is slowly and steadily moving higher and broke the $440 level against the US Dollar.
- Yesterday’s bullish trend line with current support near $450 on the hourly chart of BCH/USD (data feed from Kraken) is still in place.
- The price might correct a few points towards $450, but remains supported on the downside.
Bitcoin cash price is slowly gaining pace against the US Dollar. Let’s see if BCH/USD can break the $500 level once again in the near term.
Bitcoin Cash Price Upside Move
Yesterday, we saw a steady rise in Bitcoin cash price above $450 against the US Dollar. The price gained traction and moved closer to the $470 level. It formed a new minor high at $469.5 and is currently correcting lower. The most important point is the fact that yesterday’s highlighted bullish trend line with current support near $450 on the hourly chart of BCH/USD is still on the downside.
An initial support is around the 38.2% Fib retracement level of the last wave from the $440 low to $469 high. However, the most important support is near $450. It represents the trend line support and the 61.8% Fib retracement level of the last wave from the $440 low to $469 high. An intermediate support comes at $454. On the upside, the recent high near $469 is a short-term resistance.
A break above $469 could lift the market sentiment and the price might trade towards $480. If buyers remain in action for a long time, there is a chance of BCH testing $500 this week. Overall, buying dips in the short term towards $450-440 can be considered.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now back above the 50 level.
Major Support Level – $450
Major Resistance Level – $470
Charts courtesy – Trading View, Kraken