Bitcoin Cash Price Technical Analysis – BCH/USD Surged Above $1,500


Key Points

  • Bitcoin cash price gained upside momentum and broke a major resistance at $1,500 against the US Dollar.
  • Yesterday’s highlighted key connecting bearish trend line with resistance at $1,370 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently facing a tiny resistance near $1,540 and it may correct a few points lower.

Bitcoin cash price is rising sharply above $1,500 against the US Dollar. BCH/USD has to move past $1,540 to continue its upside momentum.

Bitcoin Cash Price Support

There was a decent start of an upside wave from the $1,350 support in bitcoin cash price against the US Dollar. The price gained bullish momentum and it succeeded in clearing a few important resistances, such as $1,380 and $1,400. To start with, buyers managed to clear the 61.8% Fib retracement level of the last downside leg from the $1,480 swing high to $1,240 low.

Later, yesterday’s highlighted key connecting bearish trend line with resistance at $1,370 was breached on the hourly chart of the BCH/USD pair. The pair gained traction and moved above the $1,450 resistance and cleared the last swing high of $1,480. It opened the doors for more gains and the price moved above $1,500. These all are positive signs, suggesting more gains above $1,500. At the moment, the price is testing the 1.236 Fib extension of the last downside leg from the $1,480 swing high to $1,240 low. Therefore, there is a chance of a minor downside correction towards the $1,500 and $1,480 support levels.

Bitcoin Cash Price Technical Analysis BCH USD

Looking at the chart, it seems like downsides could be limited in the short term below $1,480. As long as the price is above $1,500 and $1,480, it is likely to break $1,540 for more gains.

Looking at the technical indicators:

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

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

Major Support Level – $1,480

Major Resistance Level – $1,540

The post Bitcoin Cash Price Technical Analysis – BCH/USD Surged Above $1,500 appeared first on NewsBTC.

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