Bitcoin Cash Price Technical Analysis – Can BCH/USD Break $350?

Key Points

• Bitcoin cash price is gaining pace, but it has to break the $350 resistance against the US Dollar.
• This is a bullish trend line forming with support at $330 on the hourly chart of BCH/USD (data feed from Kraken).
• The price remains supported above $325-330, but buyers need to place the price above $350 to remain in control.

Bitcoin cash price is showing bullish signs against the US Dollar. However, BCH/USD is still below a crucial resistance area near $350.

Bitcoin Cash Price Upside Hurdle

There were positive swing moves in Bitcoin cash price above $320 against the US Dollar. The price traded above the $340 resistance and even attempted a close above $350. However, there was no close above $350 and the price declined once again. After trading as high as $354.5, there was a downside move toward $325. Sellers took the price below the 50% Fib retracement level of the last wave from the $306 low to $354 high.

The downside move was protected by a bullish trend line with current support at $330 on the hourly chart of BCH/USD. The pair also found support near the 61.8% Fib retracement level of the last wave from the $306 low to $354 high. It is once again moving higher towards the $350 resistance area. Buyers need to gain solid momentum for a proper break of the $350-355 resistance.

If they fail, there can be a retest of the trend line support at $330. Below $330, the next major support is at $325. On the upside, a close above $350 could push the price towards the next crucial resistance at $400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.

Major Support Level – $330

Major Resistance Level – $350

 

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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