- Bitcoin cash price traded higher recently and moved above the $ 515 resistance against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $ 512 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is now placed in a positive zone and it could continue to move higher towards $ 530 and $ 540.
Bitcoin cash price is slowly moving higher against the US Dollar. BCH/USD is likely to continue higher once buyers gain momentum above the $ 525 level.
Bitcoin Cash Price Analysis
This past week, there was a significant downside move below the $ 550 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded below the $ 540 and $ 520 support levels. There was even a spike below the $ 500 level and a low was formed at $ 498. Later, buyers appeared and pushed the price back above the $ 500 level. Later, the price gained momentum and moved above the $ 510 and $ 515 resistance levels.
There was also a break above the 61.8% Fib retracement level of the last decline from the $ 523 high to $ 498 low. More importantly, there was a break above a crucial bearish trend line with resistance at $ 512 on the hourly chart of the BCH/USD pair. The pair is now trading nicely above the $ 510 level and the 100 hourly simple moving average. It traded close to the $ 525 resistance and is currently consolidating. On the upside, the next resistance is near $ 530 and the 1.236 Fib extension level of the last decline from the $ 523 high to $ 498 low. Above $ 530, the price could trade towards the $ 540 level, which is near the 1.618 Fib extension.
Looking at the chart, BCH price is now placed nicely in a positive zone above $ 510 and it could test $ 530 and $ 540 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.
Major Support Level – $ 510
Major Resistance Level – $ 530