Bitcoin Cash Price Analysis: BCH/USD Rebound Faces Major Hurdle
Key Points
- Bitcoin cash price is slowly recovering towards the key $430 resistance against the US Dollar.
- This week’s followed important bearish trend line is intact with resistance at $430 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair must break the trend line and $430 to gain momentum in the near term.
Bitcoin cash price formed a decent support near $420 and recovered against the US Dollar. BCH/USD is now facing a solid resistance near the $430 level.
Bitcoin Cash Price Analysis
Yesterday, we saw a solid upward move in bitcoin cash price above the $420 level against the US Dollar. The BCH/USD pair traded as high as $429 and later started a downside correction. It corrected lower and traded below the $425 level. It traded close to the 50% Fib retracement level of the last wave from the $408 low to $429 high. However, downsides were limited as buyers appeared near the $420 level and the 100 hourly simple moving average.
Later, the price formed a decent support base near the $420 level and the 100 hourly simple moving average. It started a fresh upward move and traded above the $425 level. There was also a break above the 50% Fib retracement level of the recent decline from the $429 high to $419 low. The current price action is positive, but BCH/USD is facing a solid hurdle near $430. Moreover, this week’s followed important bearish trend line is intact with resistance at $430 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price is showing positive signs above the $420 level. However, buyers need to clear the $430 hurdle for more gains in the near term towards $440 or $450.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 55 level.
Major Support Level – $420
Major Resistance Level – $430
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