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 gained upside momentum and broke a major resistance at $1,500 against the US Dollar.
- Yesterday’s highlighted key connecting bearish trend line with resistance at $1,370 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently facing a tiny resistance near $1,540 and it may correct a few points lower.
Bitcoin cash price is rising sharply above $1,500 against the US Dollar. BCH/USD has to move past $1,540 to continue its upside momentum.
Bitcoin Cash Price Support
There was a decent start of an upside wave from the $1,350 support in bitcoin cash price against the US Dollar. The price gained bullish momentum and it succeeded in clearing a few important resistances, such as $1,380 and $1,400. To start with, buyers managed to clear the 61.8% Fib retracement level of the last downside leg from the $1,480 swing high to $1,240 low.
Later, yesterday’s highlighted key connecting bearish trend line with resistance at $1,370 was breached on the hourly chart of the BCH/USD pair. The pair gained traction and moved above the $1,450 resistance and cleared the last swing high of $1,480. It opened the doors for more gains and the price moved above $1,500. These all are positive signs, suggesting more gains above $1,500. At the moment, the price is testing the 1.236 Fib extension of the last downside leg from the $1,480 swing high to $1,240 low. Therefore, there is a chance of a minor downside correction towards the $1,500 and $1,480 support levels.
Looking at the chart, it seems like downsides could be limited in the short term below $1,480. As long as the price is above $1,500 and $1,480, it is likely to break $1,540 for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Major Support Level – $1,480
Major Resistance Level – $1,540
