Key Points
- Bitcoin cash price is steadily rising and is currently placed nicely above $550 against the US Dollar.
- There is a major bullish trend line formed with support at $560 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair looks set to gain further above the $590 and $600 resistance levels in the near term.
Bitcoin cash price is poised to extend gains above $600 against the US Dollar. BCH/USD is placed nicely above the $550 support area and the 100 hourly SMA.
Bitcoin Cash Price Trend
There was a decent downside correction from the $612 high in bitcoin cash price against the US Dollar. The BCH/USD pair declined and traded below the $600 and $560 support levels. However, the decline was protected by the $540-550 support zone. A low was formed near $537 and later the price started a fresh upward move. It traded above the 38.2% Fib retracement level of the last slide from the $612 high to $537 low.
The price also traded above the $570 level and it is currently consolidating below $590-600. Moreover, it is testing the 50% Fib retracement level of the last slide from the $612 high to $537 low. Once it gains momentum above the $590 resistance, it will most likely surpass the $600 resistance. Above $600, the price could revisit the last swing high at $612. On the downside, there is a major bullish trend line formed with support at $560 on the hourly chart of the BCH/USD pair. More importantly, it seems like there is a strong support forming near $540-550 and the 100 hourly simple moving average.
Looking at the chart, BCH price is positioned nicely for more gains above $600 as long as it is above the $540 support area.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.
Major Support Level – $540
Major Resistance Level – $590
