Key Points
- Bitcoin cash price recovered above $260, but it struggled near 100 hourly SMA against the US Dollar.
- This week’s key bearish trend line was beached with resistance at $260 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is currently struggling to gain momentum above the $280 level and the 100 hourly SMA.
Bitcoin cash price settled above the $250 level against the US Dollar. However, BCH/USD must break the $280 barrier and the 100 hourly SMA to gain traction.
Bitcoin Cash Price Analysis
Recently, there was a decent recovery above the $230 and $240 levels in bitcoin cash price against the US Dollar. The BCH/USD pair climbed above the $250 resistance to enter a short term positive zone. Besides, there was a break above the 23.6% Fib retracement level of the last drop from the $360 swing high to $202 low. Buyers gained control above $240 and $250 to clear a few other hurdles.
More importantly, this week’s key bearish trend line was beached with resistance at $260 on the hourly chart of the BCH/USD pair. However, the pair reached a crucial resistance area near $280 and the 100 hourly simple moving average. The $280 level also coincides with the 50% Fib retracement level of the last drop from the $360 swing high to $202 low. The price clearly struggled to surpass the $280 level and the 100 hourly SMA. It is currently moving lower towards the $260 level and the broken trend line.
Looking at the chart, BCH price is showing positive signs above the $250 level. Having said that, buyers need to clear the $280 hurdle and then surpass $300 for a decent recovery in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD jumped back above the 50 level.
Major Support Level – $250
Major Resistance Level – $280
