- Bitcoin cash price is gaining pace, but it has to break the $350 resistance against the US Dollar.
- This is a bullish trend line forming with support at $330 on the hourly chart of BCH/USD (data feed from Kraken).
- The price remains supported above $325-330, but buyers need to place the price above $350 to remain in control.
Bitcoin cash price is showing bullish signs against the US Dollar. However, BCH/USD is still below a crucial resistance area near $350.
Bitcoin Cash Price Upside Hurdle
There were positive swing moves in Bitcoin cash price above $320 against the US Dollar. The price traded above the $340 resistance and even attempted a close above $350. However, there was no close above $350 and the price declined once again. After trading as high as $354.5, there was a downside move toward $325. Sellers took the price below the 50% Fib retracement level of the last wave from the $306 low to $354 high.
The downside move was protected by a bullish trend line with current support at $330 on the hourly chart of BCH/USD. The pair also found support near the 61.8% Fib retracement level of the last wave from the $306 low to $354 high. It is once again moving higher towards the $350 resistance area. Buyers need to gain solid momentum for a proper break of the $350-355 resistance.
If they fail, there can be a retest of the trend line support at $330. Below $330, the next major support is at $325. On the upside, a close above $350 could push the price towards the next crucial resistance at $400.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Major Support Level – $330
Major Resistance Level – $350
Charts courtesy – Trading View, Kraken