Key Points
- Bitcoin cash price is stable and in a major uptrend above $3200 against the US Dollar.
- Yesterday’s highlighted connecting bullish trend line with current support at $3400 is intact on the hourly chart of BCH/USD (data feed from Kraken).
- The pair might resume its uptrend sooner or later once the current correction is over at $3400.
Bitcoin cash price remains in a major uptrend against the US Dollar. BCH/USD has to stay above $3400 in order to break the $4000 level.
Bitcoin Cash Price Rise
There were heavy gains in bitcoin cash price above $3000 recently against the US Dollar. The price traded to a new all-time high at $3997 before it faced yet another batch of sellers. A correction wave was initiated from the $3997 high and the price moved below the $3800 support. There was also a break below the 50% Fib retracement level of the last wave from the $2780 low to $3997 high.
However, the downside wave was protected by the $3200 support. Moreover, yesterday’s highlighted connecting bullish trend line with current support at $3400 acted as a barrier on the hourly chart of BCH/USD. The trend line along with the $3200 pivot acted as a major support and stopped further downsides. Additionally, the 61.8% Fib retracement level of the last wave from the $2780 low to $3997 high also prevented declines. The pair is now moving back higher and is currently above the $3400 support.
BCH buyers need to make sure that the price stays above $3400 for a push towards the $4000 level. On the other hand, a close below the trend line support and $3200 could ignite more declines toward $3000.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving nicely above the 50 level.
Major Support Level – $3400
Major Resistance Level – $4000
Charts courtesy – Trading View, Kraken
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