Key Points
- Bitcoin cash price is slowly gaining pace and is currently trading above $950 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now trading above the $940 support and the 100 hourly simple moving average.
Bitcoin cash price is trading nicely in a bullish zone against the US Dollar. BCH/USD may correct a few points, but it could find support near the $940-950 levels.
Bitcoin Cash Price Support
There was a slow and steady upside move initiated from the $903 swing low in bitcoin cash price against the US Dollar. The price traded higher and managed to move above a major resistance near $920. Moreover, there was a break above the $930 level and the 100 hourly simple moving average. The best part was a break above a major bearish trend line with resistance at $925 on the hourly chart of the BCH/USD pair.
The pair traded above the $950 level and tested the $1,000 resistance. A high was formed at $1,018 from where a downside correction was initiated. At the moment, the price is trading just below the 23.6% Fib retracement level of the last wave from the $903 low to $1,018 high. However, there are many supports on the downside near $940. The mentioned $940 level is also around the 100 hourly SMA. More importantly, the 50% Fib retracement level of the last wave from the $903 low to $1,018 high is at $961.
Therefore, it seems like there is a decent support forming near $940, $960 and the 100 hourly SMA. On the upside, a proper close above $1,000 could ignite more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is decreasing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level with positive signs.
Major Support Level – $940
Major Resistance Level – $1,000
Charts courtesy – Trading View
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