Key Points
- Bitcoin cash price is slowly moving higher and recently cleared the $325 resistance against the US Dollar.
- Yesterday’s highlighted short-term bearish trend line with resistance at $325 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price might continue to move higher towards the $340 and $350 resistance levels in the near term.
Bitcoin cash price is grinding higher towards $340 against the US Dollar. BCH/USD might trade higher, but likely to face sellers near $340-350.
Bitcoin Cash Price Resistance
It was mostly a muted session with a slight bullish bias above $320 in Bitcoin cash price against the US Dollar. The price moved higher and settled above the 38.2% Fib retracement level of the last leg down from the $358.4 high to $304.8 low. More importantly, there was a break above the $325 resistance, which has opened the doors for more gains in the near term.
Buyers even succeeded in breaking yesterday’s highlighted short-term bearish trend line with resistance at $325 was broken on the hourly chart of BCH/USD. At present, the price is attempting a close above the 50% Fib retracement level of the last leg down from the $358.4 high to $304.8 low. Once it succeeds, there can be further gains towards the next hurdles at $340 and $350. A break of the $350 resistance won’t be easy since it represents a major pivot zone for BCH.
On the downside, the broken resistance near $325 can act as a support if the price corrects lower. Below $325, there is a connecting bullish trend line on the same chart at $320. Overall, the price is short-term bullish for a test of $340-350.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level.
Major Support Level – $325
Major Resistance Level – $340
Charts courtesy – Trading View, Kraken
