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Key Points
- Bitcoin cash price dipped towards the $435 support and recovered against the US Dollar.
- There is a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains supported on dips near the $440 and $435 levels in the near term.
Bitcoin cash price is holding key supports against the US Dollar. BCH/USD may continue to consolidate before the next leg either above $460 or below $430.
Bitcoin Cash Price Analysis
Yesterday, we discussed that bitcoin cash price turned buy on dips near the $435 support against the US Dollar. The BCH/USD pair recently declined a few points after forming a high near $452. It moved below the $445 and $440 levels. There was also a break below the 23.6% Fib retracement level of the upside move from the $422 low to $453 swing high.
However, buyers managed to hold losses below the $435-440 support zone along with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the upside move from the $422 low to $453 swing high also acted as a support. The current price action is stable above the $435 support. There is also a major bullish trend line formed with support at $440 on the hourly chart of the BCH/USD pair. As long as the price is above the trend line, $435, and the 100 hourly SMA, it remains supported on dips. On the upside, the price is facing tough resistances near the $450 and $460 levels.
Looking at the chart, BCH price may consolidate in the short term above the $435 support. If sellers break the stated support, there could be a push towards the $420 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.
Major Support Level – $435
Major Resistance Level – $450
