Key Points
- Bitcoin cash price soared higher and broke the $960 resistance level against the US Dollar.
- There is a new connecting bullish trend line forming with support at $960 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to extend gains above the $1,000 and $1,020 levels in the near term.
Bitcoin cash price is surging higher above $980 against the US Dollar. BCH/USD will most likely clear sell offers near $1,000 for more gains.
Bitcoin Cash Price Upside Move
There was a nasty upside move in bitcoin cash price from the $900 swing low against the US Dollar. The price surged higher and broke many barriers on the way up such as $920 and $960. It traded close to the $1,000 level and formed a high near $996. It is clearly in a major uptrend above the $900 swing low and it may continue to move higher in the near term.
Should there be a downside correction from the current levels, the $970 level could act as a support. Moreover, there is a new connecting bullish trend line forming with support at $960 on the hourly chart of the BCH/USD pair. Below the trend line support, the 23.6% Fib retracement level of the last upside wave from the $819 low to $996 high is at $954. Therefore, it seems like the $950-960 support zone is very important for buyers. Below $950, the next support is near the 50% Fib retracement level of the last upside wave from the $819 low to $996 high at $900.
Looking at the chart, there is a clear uptrend in place above the $950 level. BCH will most likely continue to move higher and it could even break the $1,000 and $1,020 resistance levels.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently around the overbought levels.
Major Support Level – $960
Major Resistance Level – $1,000