Bitcoin Cash Price Analysis: BCH/USD Dips Remain Supported
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Bitcoin cash price dipped recently, but it found support near $410 against the US Dollar.
There is a major bearish trend line in place with resistance near $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair needs to climb above the $450 hurdle for more gains in the near term.
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Bitcoin cash price is trading above $400 against the US Dollar. BCH/USD is facing a couple of important resistances near $445 and $450 levels.
Bitcoin Cash Price Resistance
During the past few days, bitcoin cash price traded in a range above the $400 handle against the US Dollar. The BCH/USD pair tested the $400 and $410 support levels on a couple of occasions and remained well bid. There was a strong rise recently after the price formed a low at $408. The price jumped above the $425 and $430 levels, but sellers defended the $445 and $450 resistances.
There is also a major bearish trend line in place with resistance near $440 on the hourly chart of the BCH/USD pair. The pair corrected lower below the 23.6% Fib retracement level of the last wave from the $408 low to $442 high. It seems like the price may continue to move down towards the $425 level. It represents the 50% Fib retracement level of the last wave from the $408 low to $442 high. Below this, the price could test the $410 support in the near term. On the upside, the price has to break the $445, $450, and the 100 hourly SMA for more gains.
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Looking at the chart, BCH price could continue to trade in a range above the $410 level. Once there is a proper close above $450 and the 100 hourly SMA, the price may perhaps rise towards $500.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.
Major Support Level – $410
Major Resistance Level – $450
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