Key Points
- Bitcoin cash price is trading inside a range, but it is holding the $1,150 support area against the US Dollar.
- There is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair has to move above the $1,250 and $1,350 levels to gain upside momentum.
Bitcoin cash price is currently consolidating above $1,150 against the US Dollar. BCH/USD must break a couple of key resistance such as $1,350 to trade further higher.
Bitcoin Cash Price Range
There was a short-term high formed around the $1,370 level in bitcoin cash price against the US Dollar. The price started a minor downside correction from the $1,370 high and declined below $1,300. There was also a break below the 23.6% Fib retracement level of the upside wave from the $935 low to $1,370 high. It opened the doors for more declines and the price tested the $1,150 support along with the 100 hourly simple moving average.
Moreover, the price almost tested the 50% Fib retracement level of the upside wave from the $935 low to $1,370 high. The mentioned $1,150 support is a major buy zone and it seems like the price is holding the stated level very well. At the moment, the price is trading inside a range above the $1,150 level. On the upside, there is a short-term connecting bearish trend line forming with resistance at $1,240 on the hourly chart of BCH/USD. The pair has to move above the trend line and settle above $1,250 to retest the $1,300 level. Above $1,300, the price may retest the $1,350 resistance.
On the downside, the $1,150 support holds a lot of importance and it must hold to avoid further slides.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly flat.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is attempting to move above the 50 level.
Major Support Level – $1,150
Major Resistance Level – $1,350
Charts courtesy – SimpleFX
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