Key Points
- Bitcoin cash price is slowly gaining upside momentum and is currently above $2500 against the US Dollar.
- There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD (data feed from Kraken).
- The pair is currently attempting a close above $2550 and the 100 hourly simple moving average.
Bitcoin cash price is showing positive signs above $2500 against the US Dollar. BCH/USD may gain momentum and head higher toward the $2700 level.
Bitcoin Cash Price Uptrend
There was a nice recovery from the $2000 swing low in bitcoin cash price against the US Dollar. The price started an upside move and was able to trade above the 50% Fib retracement level of the last decline from the $2946 high to $2000 low. However, the upside move failed near the $2850 level. There was a failure to close above the 76.4% Fib retracement level of the last decline from the $2946 high to $2000 low.
There was a slow and steady downside initiated and the price moved below $2600. The downside move was protected by the $2500 support. At the moment, the price is moving higher and gaining pace above $2500. There was a break above a connecting bearish trend line with resistance at $2525 on the hourly chart of BCH/USD. The pair is currently attempting a close above $2550 and the 100 hourly simple moving average. Once there is a proper close above the $2550 and $2600 levels, there could be more gains.
On the downside, the $2500 level is a decent support. The next major support is around the $2450-2475 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just below the 50 level.
Major Support Level – $2450
Major Resistance Level – $2550
Charts courtesy – Trading View, Kraken
