Key Points
- Bitcoin cash price after a decent upside move struggling to break the $645 level against the US Dollar.
- There is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might continue to trade in the $580-640 range before the next move.
Bitcoin cash price is trading near the $645 resistance against the US Dollar. BCH/USD has to break $645-650 to gain further momentum.
Bitcoin Cash Price Resistance
Recently, we saw decent upsides in Bitcoin cash price above the $600 level against the US Dollar. However, the price seems to be struggling to break the $640 and $650 resistance levels. There is a broad range forming with support at $580 and resistance at $650. The price recently tested the $640-650 range resistance, attempted an upside break on a couple of times, but failed.
It seems like there is a bearish trend line forming with current resistance at $640 on the hourly chart of BCH/USD. The pair recently failed near $643 and started a short-term correction. It tested the 23.6% Fib retracement level of the last wave from the $570 low to $643 high. The downsides seem to be limited by the $600 level and the 50% Fib retracement level of the last wave from the $570 low to $643 high. Buyers are likely to protect declines if the pair moves toward $600 and $580.
On the upside, the pair needs to break the range resistance at $640 and $650 to move toward $680. Above $680, the pair could even test the $700 handle in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level with positive signs.
Major Support Level – $600
Major Resistance Level – $640
Charts courtesy – Trading View, Kraken
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