Key Points
- Bitcoin cash price is back in the bullish zone and is trading above $600 against the US Dollar.
- Yesterday’s highlighted connecting bearish trend line with resistance at $610 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price might continue to move higher and trade towards the $640 and $650 levels.
Bitcoin cash price is gaining pace above $600 against the US Dollar. BCH/USD broke an important resistance and eyeing further gains.
Bitcoin Cash Price Support
There was a correction initiated in Bitcoin cash price recently from the $685 swing high against the US Dollar. The downside move was protected by the $580-600 support area and later the price started an upside move. The best part was the fact that the price completed a correction successfully near $580 and likely to continue higher. During the upside move, the price was able to break the 38.2% Fib retracement level of the last decline from the $642 high to $580 low.
Moreover, yesterday’s highlighted connecting bearish trend line with resistance at $610 was broken on the hourly chart of BCH/USD. It has opened the doors for more gains since the price is now well above $600. The pair is approaching the 76.4% Fib retracement level of the last decline from the $642 high to $580 low. A break above the $630 level would open the doors for a move towards the $650 level.
Any further gains should call for a test of the $700 level in the near term. On the downside, an initial support is at $600, which can be seen as a buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is heading higher and is currently well above the 50 level.
Major Support Level – $600
Major Resistance Level – $650
Charts courtesy – Trading View, Kraken
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