Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price found support around the $700 handle and recovered against the US Dollar.
- There is a major bullish trend line formed with support at $730 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
- The pair may dip a few points, but it remains supported near the $730 and $710 levels.
Bitcoin cash price is placed nicely above the $700 pivot level against the US Dollar. BCH/USD could accelerate gains above the $780 level in the near term.
Bitcoin Cash Price Support
This past week, there was a correction initiated from the $830 swing high in bitcoin cash price against the US Dollar. The BCH/USD pair declined and traded below the $800 and $750 support levels. It also declined below the 50% Fib retracement level of the last wave from the $865 low to $830 high. More importantly, there was a close below the $750 pivot level and the 100 simple moving average (4-hours).
It tested the $700 handle where buyers emerged. Moreover, a major bullish trend line with current support at $730 acted as a buy zone on the 4-hours chart of the BCH/USD pair. Lastly, the 76.4% Fib retracement level of the last wave from the $865 low to $830 high also acted as a support. The pair started a fresh upward wave and moved above the $750 pivot level and the 100 SMA. It opened the doors for more gains and the price is now placed nicely above the $740 level.
Looking at the chart, the price may dip a few points in the near term towards the $740 and $730 support levels. However, the price action suggests more gains as long as the price is above $710.
Looking at the technical indicators:
4-hours MACD – The MACD for BCH/USD is now placed nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Level – $730
Major Resistance Level – $800
