Key Points
- Bitcoin cash price gained traction and moved above the $760 and $780 resistances against the US Dollar.
- There is a short-term bullish trend line forming with support near $788 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is in a major uptrend and it is likely to accelerate higher above $800 in the near term.
Bitcoin cash price jumped sharply towards $800 against the US Dollar. BCH/USD is gaining bullish momentum, which could lead it towards $850.
Bitcoin Cash Price Trend
There was a sharp upside move in bitcoin cash price from the $715 swing low against the US Dollar. The BCH/USD pair corrected a few points yesterday and tested the $710-715 support zone. Moreover, the 23.6% Fib retracement level of the last leg from the $660 swing low to $730 high was tested. The price completed a downside correction near $715 and started a solid upward move.
It jumped above the $750, $760 and $780 resistance levels to register solid gains. There was even a break above the $800 level and the price formed a high at $809. At the moment, the price is consolidating gains near $800. An initial support sits near the 23.6% Fib retracement level of the last wave from the $715 low to $809 high. Furthermore, there is a short-term bullish trend line forming with support near $788 on the hourly chart of the BCH/USD. Therefore, if the price corrects lower, it is likely to find support near the $780-790 zone.
Looking at the chart, the price is back in a major uptrend above $760. It seems like buyers may gain traction for more upsides above the recent high at $809. The next hurdle for buyers is around the $850 level.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently in the overbought zone.
Major Support Level – $780
Major Resistance Level – $810
