Bitcoin Cash Price Technical Analysis – BCH/USD Trading Positively
Bitcoin cash price is gaining upside momentum and is currently trading above $1,250 against the US Dollar.
There was a break above a connecting bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD (data feed from SimpleFX).
The pair has to move above the $1,290 resistance level to gain upside momentum in the near term.
Bitcoin cash price is building bullish moves against the US Dollar. BCH/USD may continue to move higher towards the all-important $1,290 resistance.
Bitcoin Cash Price Trend
There was a decent upside move formed from the $1,220 low in bitcoin cash price against the US Dollar. The price started trading higher and broke the $1,240 and $1,250 resistance levels. It also settled above the $1,260 level and the 100 hourly simple moving average. These are positive signs for BCH, but the price has to break an important resistance near $1,290 to gain traction.
During the upside move, there was a break above a connecting bearish trend line with resistance at $1,250 on the hourly chart of BCH/USD. The pair traded as high as $1,262 recently and is currently consolidating gains. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,210 low to $1,262 high. However, the most important support is near the $1,250 level and the 100 hourly SMA. The mentioned $1,250 level was a resistance earlier, and now it is likely to act as a support.
Moreover, the 38.2% Fib retracement level of the last wave from the $1,210 low to $1,262 high is around $1.254 to act as a support. On the upside, the pair has to move above the $1,290 resistance level to gain upside momentum.
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 reaching the 70 level.
Major Support Level – $1,250
Major Resistance Level – $1,290
Charts courtesy – SimpleFX