- Bitcoin cash price surged higher and managed to break the $500 resistance against the US Dollar.
- There are two bullish trend lines formed with support near $490 and $470 on the hourly chart of BCH/USD (data feed from Kraken).
- The price might correct a few points from the current levels, but remains supported above $450.
Bitcoin cash price surged towards the $550 level against the US Dollar. BCH/USD is currently correcting lower, but remains well bids above $460-450.
Bitcoin Cash Price Upside Break
There was a nice upside move in Bitcoin cash price above the $450 level against the US Dollar. The price managed to gain traction and was even able to move above the $500 handle. Yesterday’s idea of buying dips towards the $450 level worked. The upside move was positive, as there were decent gains taking the price towards the $550 level. The price tested the $550 resistance, which acted as a barrier.
At present, the price is correcting lower and heading towards the 23.6% Fib retracement level of the last wave from the $300 low to $549 high. There are two bullish trend lines formed with support near $490 and $470 on the hourly chart of BCH/USD. The first trend line is near the 23.6% fib level at $490. The second trend line is near the 38.2% Fib retracement level of the last wave from the $300 low to $549 high at $455.
As long as the price is above the $450 support zone, it remains supported. Once again, buying dips towards $490-470 levels can be considered with a stop below $450. On the upside, the $550 level remains a crucial resistance.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently heading south towards the 50 level.
Major Support Level – $470
Major Resistance Level – $550
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.