Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Points
- Bitcoin cash price is slowly recovering towards the key $430 resistance against the US Dollar.
- This week’s followed important bearish trend line is intact with resistance at $430 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the trend line and $430 to gain momentum in the near term.
Bitcoin cash price formed a decent support near $420 and recovered against the US Dollar. BCH/USD is now facing a solid resistance near the $430 level.
Bitcoin Cash Price Analysis
Yesterday, we saw a solid upward move in bitcoin cash price above the $420 level against the US Dollar. The BCH/USD pair traded as high as $429 and later started a downside correction. It corrected lower and traded below the $425 level. It traded close to the 50% Fib retracement level of the last wave from the $408 low to $429 high. However, downsides were limited as buyers appeared near the $420 level and the 100 hourly simple moving average.
Later, the price formed a decent support base near the $420 level and the 100 hourly simple moving average. It started a fresh upward move and traded above the $425 level. There was also a break above the 50% Fib retracement level of the recent decline from the $429 high to $419 low. The current price action is positive, but BCH/USD is facing a solid hurdle near $430. Moreover, this week’s followed important bearish trend line is intact with resistance at $430 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price is showing positive signs above the $420 level. However, buyers need to clear the $430 hurdle for more gains in the near term towards $440 or $450.
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 well above the 55 level.
Major Support Level – $420
Major Resistance Level – $430