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Bitcoin Cash Price Analysis: Can BCH/USD Hold Gains?

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Key Points

  • Bitcoin cash price recovered nicely and moved above the $710 resistance against the US Dollar.
  • There is a key bullish trend line formed with support near $712 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair must stay above the $700-710 support zone to remain in a positive zone in the near term.

Bitcoin cash price made a nice upside move above $700 against the US Dollar. BCH/USD could continue to move high as long as it is above $700.

Bitcoin Cash Price Support

During the past two sessions, there were decent moves in bitcoin cash price above $650 against the US Dollar. The BCH/USD pair traded above the $700 barrier to move into a positive zone. More importantly, there was a break above the $710 resistance to set the pace for more gains. The price traded as high as $731 before it started a downside correction. It seems to be heading towards the 23.6% Fib retracement level of the last wave from the $662 low to $731 high at $715.

Below the mentioned Fib level, there is a key bullish trend line formed with support near $712 on the hourly chart of the BCH/USD pair. The trend line support holds a lot of importance since it is above the $710 pivot and support area. The next major support is close to the $700 handle and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the last wave from the $662 low to $731 high.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, the price remains in a positive zone as long as it is above the $700 zone. On the upside, resistances are seen near $730 and $740.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is declining towards the 50 level.

Major Support Level – $710

Major Resistance Level – $730

The post Bitcoin Cash Price Analysis: Can BCH/USD Hold Gains? appeared first on NewsBTC.

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