Bitcoin Cash Price Technical Analysis – BCH/USD Eyes Further Gains

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Key Points

  • Bitcoin cash price is slowly gaining upside momentum and is currently above $2500 against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is currently attempting a close above $2550 and the 100 hourly simple moving average.

Bitcoin cash price is showing positive signs above $2500 against the US Dollar. BCH/USD may gain momentum and head higher toward the $2700 level.

Bitcoin Cash Price Uptrend

There was a nice recovery from the $2000 swing low in bitcoin cash price against the US Dollar. The price started an upside move and was able to trade above the 50{c02dde72df927a7b1629fc29506cd3151b0442defda0d37a402db978ff19aaf8} Fib retracement level of the last decline from the $2946 high to $2000 low. However, the upside move failed near the $2850 level. There was a failure to close above the 76.4{c02dde72df927a7b1629fc29506cd3151b0442defda0d37a402db978ff19aaf8} Fib retracement level of the last decline from the $2946 high to $2000 low.

There was a slow and steady downside initiated and the price moved below $2600. The downside move was protected by the $2500 support. At the moment, the price is moving higher and gaining pace above $2500. There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD. The pair is currently attempting a close above $2550 and the 100 hourly simple moving average. Once there is a proper close above the $2550 and $2600 levels, there could be more gains.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the $2500 level is a decent support. The next major support is around the $2450-2475 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.

Major Support Level – $2450

Major Resistance Level – $2550

Charts courtesy – Trading View, Kraken

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

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Ticker

1 BTC = $51584.37 USD  (via Coinbase)
1 ETH = $1777.00 USD  (via Coinbase)
1 LTC = $188.44 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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