Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support — Nigeria Today
Pages Navigation Menu

Latest and breaking news, sports and all that is trending today

Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support

Key Points

  • Bitcoin cash price is trading above the $1,020 support and is currently in a positive zone against the US Dollar.
  • There is a crucial bullish trend line forming with support near the $1,020 on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair is currently placed just above the 100 hourly simple moving average and $1,050.

Bitcoin cash price is trading nicely in a positive zone above $1,020 against the US Dollar. BCH/USD could rise in the near term towards $1,080 and $1,100.

Bitcoin Cash Price Trend

There was a minor upside break yesterday above $1,040 in bitcoin cash price against the US Dollar. The price traded above the $1,050 and $1,065 resistance levels. It even broke the $1,100 resistance and traded as high as $1,160. Later, a downside correction was initiated the price trimmed gains by more than $100. However, the downside move was protected by the $1,000 support.

At the moment, the price is trading above the 23.6% Fib retracement level of the last decline from the $1,160 high to $1,010 low. It may continue to rise towards $1,100 in the near term. However, there is a major hurdle around the $1,080 level. The 50% Fib retracement level of the last decline from the $1,160 high to $1,010 low is positioned near the $1,085 level, which is acting as a barrier. On the upside, there is also a connecting bearish trend line with resistance at $1,100 on the hourly chart of BCH/USD.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, an initial support is near $1,040 and the 100 hourly simple moving average. Moreover, there is also a crucial bullish trend line forming with support near the $1,020 on the same chart.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is struggling to move above the 50 level.

Major Support Level – $1,020

Major Resistance Level – $1,100

 

Charts courtesy – Trading View

The post Bitcoin Cash Price Technical Analysis – BCH/USD Holding Key Support appeared first on NewsBTC.

Follow us on twitter @NigeriaTodayNG

Also, Like us on facebook

This post was syndicated from NewsBTC. Click here to read the full text on the original website.

Comments

avatar
  Subscribe  
Notify of
Download the Nigeria Today app from Play store. Click here download now
Hello. Add your message here.