Bitcoin Cash Price Analysis: BCH/USD Gaining Momentum
- Bitcoin cash price traded further higher and broke the $750 resistance zone against the US Dollar.
- Yesterday’s highlighted declining channel was broken with resistance near $735 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now trading comfortably above the $750 resistance with positive signs for more gains.
Bitcoin cash price is gaining momentum above $750 against the US Dollar. BCH/USD has to clear the $800 barrier to extend the current uptrend in the near term.
Bitcoin Cash Price Support
The past three sessions were positive as bitcoin cash price gained traction and remained well above $700 against the US Dollar. The BCH/USD pair gained momentum and broke the $740 and $750 resistance levels. There was a perfect correction yesterday as the price tested the 50% Fib retracement level of the last leg from the $650 low to $785 high.
The price started a fresh upward wave and cleared a crucial barrier at $750. More importantly, yesterday’s highlighted declining channel was broken with resistance near $735 on the hourly chart of the BCH/USD pair. The pair even succeeded in clearing the $770 resistance. It is currently consolidating above the $770 level with positive signs. On the upside, an initial resistance is at $795, followed by $800. Above this last, the price will most likely trade towards the $850 level in the near term. On the downside, an initial support is the 23.6% Fib retracement level of the last wave from the $716 low to $795 high.
Looking at the chart, the price is positioned nicely above the $750 level. The 50% Fib retracement level of the last wave from the $716 low to $795 high is also at $756 to act as a strong buy zone. Overall, the price remains well supported above $750 for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is positioned in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 60 level.
Major Support Level – $750
Major Resistance Level – $800
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