Bitcoin Cash Price Technical Analysis – BCH/USD To Continue Higher

Key Points

• Bitcoin cash price seems to be settling above the $600 level against the US Dollar and might continue higher.
• There was a break above a contracting triangle with resistance near $660 on the hourly chart of BCH/USD (data feed from Kraken) was broken.
• The price is now trading above the $650 level and the 100 hourly simple moving average.

Bitcoin cash price is slowly moving above $600 against the US Dollar. BCH/USD might continue to trade higher and could challenge the $750 level.

Bitcoin Cash Price Support

There was a slight bounce in Bitcoin cash price from the $630 support against the US Dollar. The price is slowly moved higher and traded above the $650 level and the 100 hourly simple moving average. It is a positive sign considering the fact that the price is now well above the 23.6% Fib retracement level of the last decline from the $945 high to $535 low. However, it has to break a major resistance near $750 for more gains.

Recently, there was a break above a contracting triangle with resistance near $660 on the hourly chart of BCH/USD. It is another positive sign, but the price is lagging momentum above $700. On the upside, the 50% Fib retracement level of the last decline from the $945 high to $535 low at $735 is a major hurdle. It already protected upsides once and might defend gains again around $730. On the downside, the triangle support trend line at $660 is a decent support.

Once there is a close above $700, there is a chance of buyers taking the price above $730 and $750. If they fail, there is a possibility that the price could decline back towards $600.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is placed just around the 50 level with neutral signs.

Major Support Level – $650

Major Resistance Level – $730

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.

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