Bitcoin Cash Price Technical Analysis – BCH/USD Back above 100 SMA


Key Points

  • Bitcoin cash price stayed above the $1,240 support level and recovered against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $1,320 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is now back above $1,350 and the 100 hourly simple moving average, which is a positive sign.

Bitcoin cash price is showing positive signs above $1,350 against the US Dollar. BCH/USD may resume its uptrend as long as it is above $1,280.

Bitcoin Cash Price Support

After a major decline, bitcoin cash price found support near the $1,240 level against the US Dollar. A low was formed at $1,232 before the price started consolidating losses. Later, a fresh upside wave started and the price moved above $1,300. It also succeeded in settling above the 23.6% Fib retracement level of the last decline from the $1,575 swing high to $1,232 low.

More importantly, there was a break above a connecting bearish trend line with resistance at $1,320 on the hourly chart of the BCH/USD pair. It opened the doors for more gains and the price moved above $1,350 and the 100 hourly simple moving average. At the moment, the pair is trading near the 50% Fib retracement level of the last decline from the $1,575 swing high to $1,232 low. It seems like the price is forming a base for another upside push above $1,450. The current technical structure is positive above $1,350 and the 100 hourly SMA, suggesting an upward move.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, if the price moves down from the current levels, the $1,350 support may prevent declines. However, the most important support on the downside is near a bullish trend line at $1,280.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 60 level.

Major Support Level – $1,350

Major Resistance Level – $1,440

The post Bitcoin Cash Price Technical Analysis – BCH/USD Back above 100 SMA appeared first on NewsBTC.

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