Key Points
- Bitcoin cash price rallied further and it succeeded in breaking the $1,500 resistance against the US Dollar.
- There is a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains in a monster uptrend and it may soon break the $1,600 level in the near term.
Bitcoin cash price is skyrocketing above $1,500 against the US Dollar. BCH/USD is likely to extend gains toward the $1,600 and $1,650 levels.
Bitcoin Cash Price Support
There were further gains in bitcoin cash price from the $1,200 swing low against the US Dollar. The price surged higher and it succeeded in breaking a few important hurdles such as $1,300 and $1,400. It even broke the $1,500 level, which is a key bullish signal. It seems like BCH buyers are in control and the price may soon continue to move higher towards $1,600.
The recent high was formed at $1,565, and buyers are in complete control. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $1,328 low to $1,565 high. There is also a major bullish trend line forming with support near $1,505 on the hourly chart of the BCH/USD pair. The trend line support is close to the 38.2% Fib retracement level of the last wave from the $1,328 low to $1,565 high. Therefore, if the price dips from the current levels, the $1,510 and $1,505 levels are likely act as strong supports.
Looking at the chart, there is a connecting resistance trend line in place at $1,580. A push above the trend line would open the doors for a test or break of $1,600 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Major Support Level – $1,505
Major Resistance Level – $1,600