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- Bitcoin cash price is well supported above the $1,160-1,180 support area against the US Dollar.
- Buyers are attempting an upside break above a bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD (data feed from SimpleFX).
- The pair may rise in the short term towards the $1,300 and $1,325 resistance levels.
Bitcoin cash price is positioned nicely above the $1,160 support area against the US Dollar. BCH/USD may slowly gain pace and move higher towards the $1,350 level.
Bitcoin Cash Price Consolidation
It seems like bitcoin cash price is consolidating above the $1,160 support level against the US Dollar. There were a couple of attempts to break the $1,150-60 support zone, but sellers failed. The price remained above the 38.2% Fib retracement level of the move from the $934 low to $1,368 high. The downside seems to be limited since the price is trading nicely above the $1,160-1,180 support area.
At the moment, the price is moving higher above $1,250 and the 100 hourly simple moving average. Moreover, the BCH/USD pair is attempting an upside break above a bearish trend line with resistance at $1,250 on the hourly chart. There is also another trend line positioned on the chart at $1,300. Therefore, once there is a break above the $1,300 level, the price could trade further higher. An immediate resistance is around the $1,325 level. However, the most important resistance is around the $1,350-1,360 zone.
As long as the price is below the $1,360 level, it may continue to consolidate. On the downside, $1,160 support zone holds a lot of significance for further declines in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving from the bearish to bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is rising and it has just moved above the 50 level.
Major Support Level – $1,160
Major Resistance Level – $1,350
Charts courtesy – SimpleFX