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 near the $1,460 level and recovered nicely against the US Dollar.
- This week’s major bearish trend line with resistance at $1,580 was broken on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair also moved above the $1,600 resistance level, which is a positive sign in the near term.
Bitcoin cash price is back in a positive zone above $1,600 against the US Dollar. BCH/USD must settle above $1,675 and the 100 hourly simple moving average to gain momentum.
Bitcoin Cash Price Support
After further declines, bitcoin cash price was able to find support near the $1,460 level against the US Dollar. The price traded as low as $1,463 and later started an upside move. It traded higher and broke the 23.6% Fib retracement level of the last decline from the $1,702 high to $1,463 low. It opened the doors for more gains and the price traded above a few important hurdles such as $1,550 and $1,600.
More importantly, this week’s major bearish trend line with resistance at $1,580 was broken on the hourly chart of the BCH/USD pair. The pair also moved above the 50% Fib retracement level of the last decline from the $1,702 high to $1,463 low. These all are positive signs since the price is now well above the $1,600 level. At the moment, buyers are struggling to place the price above $1,650 and the 100 hourly simple moving average. Moreover, the $1,675 level is also a crucial resistance.
Looking at the chart, it seems like a proper close above the $1,650 and $1,675 resistance levels may push the price further higher. On the downside, the broken resistances at $1,600 and $1,565 may now act as supports.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.
Major Support Level – $1,565
Major Resistance Level – $1,675