- Bitcoin cash price is testing an important resistance and attempting a break above $1425 against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line with current resistance at $1405 is intact on the hourly chart of BCH/USD (data feed from Kraken).
- The price might soon break the $1400 and $1425 resistance levels to gain upside momentum.
Bitcoin cash price is slowly moving higher toward $1425 against the US Dollar. BCH/USD needs to clear the $1405-1425 hurdle to gain further momentum.
Bitcoin Cash Price Upside Hurdle
There was a slow and steady rise in bitcoin cash price above the $1360 pivot against the US Dollar. The price was able to move above the $1380 resistance levels. More importantly, there was a break of the 61.8% Fib retracement level of the last drop from the $1505 high to $1202 low. It has opened the doors for more gains above $1400 in the near term.
However, yesterday’s highlighted crucial bearish trend line with current resistance at $1405 is intact on the hourly chart of BCH/USD. It is acting as a major barrier for more gains above $1425. A proper close above the trend line, $1425 and then $1440 is required for buyers to take control. On the downside, an initial support is around the $1350 level. The mentioned $1350 level is near the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last wave from the $1202 low to $1446 high is also around $1350.
Therefore, the $1350 level is a major support. Below $1350, there is a connecting bullish trend line with support at $1325. The stated $1325 is also a key support since it is the 50% Fib retracement level of the last wave from the $1202 low to $1446 high.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is almost flat and is showing no signs of momentum.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near 56 and is moving down.
Major Support Level – $1350
Major Resistance Level – $1405
Charts courtesy – Trading View, Kraken