- Bitcoin cash price is back in the bullish zone and is trading above $600 against the US Dollar.
- Yesterday’s highlighted connecting bearish trend line with resistance at $610 was broken on the hourly chart of BCH/USD (data feed from Kraken).
- The price might continue to move higher and trade towards the $640 and $650 levels.
Bitcoin cash price is gaining pace above $600 against the US Dollar. BCH/USD broke an important resistance and eyeing further gains.
Bitcoin Cash Price Support
There was a correction initiated in Bitcoin cash price recently from the $685 swing high against the US Dollar. The downside move was protected by the $580-600 support area and later the price started an upside move. The best part was the fact that the price completed a correction successfully near $580 and likely to continue higher. During the upside move, the price was able to break the 38.2% Fib retracement level of the last decline from the $642 high to $580 low.
Moreover, yesterday’s highlighted connecting bearish trend line with resistance at $610 was broken on the hourly chart of BCH/USD. It has opened the doors for more gains since the price is now well above $600. The pair is approaching the 76.4% Fib retracement level of the last decline from the $642 high to $580 low. A break above the $630 level would open the doors for a move towards the $650 level.
Any further gains should call for a test of the $700 level in the near term. On the downside, an initial support is at $600, which can be seen as a buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is heading higher and is currently well above the 50 level.
Major Support Level – $600
Major Resistance Level – $650
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.