Key Points
- Bitcoin cash price rocketed higher and moved to a new all-time high at $946 against the US Dollar.
- There is a short-term connecting bullish trend line forming with support at $740 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The price might resume its uptrend and could even retest the $940 level.
Bitcoin cash price climbed higher sharply above $900 against the US Dollar. BCH/USD is currently in a monster uptrend, looking for more gains.
Bitcoin Cash Price Rockets Past $800
The past two days were amazing for BCH price as it moved above the $800 level against the US Dollar. The price moved to a new all-time high at $946 and registered heavy gains. As a result, there was an increase in bearish pressure on BTC. BCH price after trading as high as $946.24 started a minor downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $280 low to $946 high.
However, the downside move found support near $700. It was a previous swing high and currently prevented declines below $700. Furthermore, the 38.2% Fib retracement level of the last wave from the $280 low to $946 high also protected further declines. The price is currently trading above $700 and holding ground. There is a short-term connecting bullish trend line forming with support at $740 on the 4-hours chart of BCH/USD. As long as the pair is above the trend line support at $740, there are chances of it moving back towards $940.
There are even possibility of it trading towards the $1000 level. Overall, BCH remains in a super bullish trend and likely to move past $900 again.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD slightly reducing its bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is correcting lower from the overbought levels.
Major Support Level – $740
Major Resistance Level – $900
Charts courtesy – Trading View, Kraken
