Key Points
- Bitcoin cash price remains below the $310 level, but currently attempting an upside break against the US Dollar.
- This week’s highlighted major descending channel pattern with current resistance at $302 on the hourly chart of BCH/USD (data feed from Kraken) is currently put to test.
- The price may break above the channel resistance at $302 and continue to move higher.
Bitcoin cash price is slowly recovering from $290 against the US Dollar. BCH/USD has to clear $302-305 levels to gain bullish momentum.
Bitcoin Cash Price Upside Break Near?
This week we followed a declining pattern in Bitcoin cash price towards $280 against the US Dollar. The price traded lower and finally it seems like a support is forming near $290. The price attempted a downside break below $290 on a couple of occasions, but failed. As a result, the price is currently moving higher and challenging a major resistance area.
Currently, this week’s highlighted major descending channel pattern with current resistance at $302 on the hourly chart of BCH/USD is put to test. The channel resistance at $302-303 is also around the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last decline from the $355.00 high to $290.90 low is also near the channel resistance. If the price manages to settle above the channel resistance at $303 and the 100 hourly SMA, there can be more gains.
The next major stop could be the 50% Fib retracement level of the last decline from the $355.00 high to $290.90 low at $323. On the downside, the $290 support may continue to provide support in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving higher in the bullish zone, but lacks momentum.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level.
Major Support Level – $290
Major Resistance Level – $303
Charts courtesy – Trading View, Kraken
