Bitcoin Cash Price Technical Analysis – BCH/USD Breaks Past $2200

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Key Points

  • Bitcoin cash price gained heavy momentum and was able to move above $2000 against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with current support at $1850 is intact on the hourly chart of BCH/USD (data feed from Kraken).
  • The pair might correct a few points, but it remains supported above the $1900 level.

Bitcoin cash price made a nice upside move above $2000 against the US Dollar. BCH/USD may continue to gain pace and remains a buy around $1900.

Bitcoin Cash Price Buy Dips

Yesterday, we discussed how bitcoin cash price was preparing for more gains above $1850 against the US Dollar. The price made a nice upside move and traded above the $2000 level. The upside move was decent and the price traded above the $2200 level as well. A high was formed at $2291 from where a short-term correction was initiated. It declined below the 23.6% Fib retracement level of the last wave from the $1750 low to $2291 high.

However, the downside move was well protected by the $2000 level. The mentioned $2000 level was a resistance earlier and now it is acting as a support. Moreover, the price was rejected from the 50% Fib retracement level of the last wave from the $1750 low to $2291 high. On the downside, yesterday’s highlighted key bullish trend line with current support at $1850 is intact on the hourly chart of BCH/USD. The pair might continue to find buyers on the dips near the $2000 and $1900 levels.

Bitcoin Cash Price Technical Analysis BCH USD

More importantly, the 100 hourly simple moving average is at $1820 to act as a major support. Therefore, more gains are possible in BCH as long as the price is above $1800.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is currently reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.

Major Support Level – $1900

Major Resistance Level – $2300

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.



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