Key Points
- Bitcoin cash price traded above the $700 level before facing minor offers near $725 against the US Dollar.
- There is a connecting bullish trend line forming with support near $685 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair remains supported on the downside around the $680 level and the 100 hourly simple moving average.
Bitcoin cash price is currently trading in a positive zone against the US Dollar. BCH/USD remains supported on the downside near the broken resistance at $680.
Bitcoin Cash Price Support
There were further recoveries above the $675 level in bitcoin cash price against the US Dollar. The price moved higher and managed to break a major resistance at $680. Later, it succeeded in moving past the $700 level as well. It is now placed nicely above the $680 level and the 100 hourly simple moving average. However, the upside move was protected by the $723-725 zone.
A high was formed at $723 before the price started a minor downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $623 low to $723 high. On the downside, there is a decent support above the $680 level and the 100 hourly SMA. There is also a connecting bullish trend line forming with support near $685 on the hourly chart of the BCH/USD pair. The same trend line support is close to the 38.2% Fib retracement level of the last wave from the $623 low to $723 high.
Therefore, if the price moves down further, it may find support near the $680 level. On the upside, the price has to break the $725 resistance to gain traction towards $750.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving down below the 50 level.
Major Support Level – $680
Major Resistance Level – $725
Charts courtesy – Trading View