Key Points
- Bitcoin cash price is moving nicely in the bullish zone above the $1450 support against the US Dollar.
- There is a major ascending channel forming with support at $1475 on the hourly chart of BCH/USD (data feed from Kraken).
- The price is moving in an uptrend and downsides remains supported near $1480 and $1450.
Bitcoin cash price remains bullish above $1450 against the US Dollar. BCH/USD is likely to move further higher toward the $1600-1650 levels.
Bitcoin Cash Price Support
There was a nice upside reaction in bitcoin cash price from the $1200-1220 support area against the US Dollar. The price gained pace and moved above the $1400 and $1450 resistance levels. It traded as high as $1619 and it recently started a downside correction. Sellers pushed the price below the 38.2% Fib retracement level of the last wave from the $1380 low to $1619 high. However, downsides remains limited by the $1450 and $1400 support levels.
There was a test of the 61.8% Fib retracement level of the last wave from the $1380 low to $1619 high. Buyers protected the $1472 Fib support area and the price is currently moving back higher. It seems like there is a major ascending channel forming with support at $1475 on the hourly chart of BCH/USD. The channel support might place a crucial role for buyers above $1450 in the near term.
As long as the price is above the $1450-75 levels, it remains in the bullish trend. On the upside, an initial resistance is around the $1550 level followed by the recent high of $1619. Above $1619, the most important resistance is around $1650-1680 and the channel upper trend line.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving higher towards the 50 level.
Major Support Level – $1450
Major Resistance Level – $1550
Charts courtesy – Trading View, Kraken
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