- Bitcoin cash price surged above the $2000 stage in opposition to the US Dollar sooner than starting a sharp draw again correction.
- There is a monster bullish sample line forming with current assist at $1300 on the hourly chart of BCH/USD (info feed from Kraken).
- The price is now consolidating in a spread above the $1300 stage and with resistance at $1750.
Bitcoin cash price rocketed as extreme as $2600 in opposition to the US Dollar. BCH/USD is now correcting lower and stays properly beneath $2000.
Bitcoin Cash Price Trend
There was a sharp upside move in Bitcoin cash price above the $2000 stage in opposition to the US Dollar. The price rocketed above $2500 and traded to a model new all-time extreme spherical $2600. Later, there was a sharp draw again switch beneath $2000 and the value tumbled by larger than $1000. The price traded within the course of the $1200 assist area the place shoppers protected draw again and later BCH started shopping for and promoting in a spread.
It moved above the 23.6% Fib retracement stage of the ultimate drop from the $2600 extreme to $1200 low. However, the upside switch was capped by the $1800 stage. Moreover, the 38.2% Fib retracement stage of the ultimate drop from the $2600 extreme to $1200 low acted as a resistance. On the draw again, it seems like there is a monster bullish sample line forming with current support at $1300 on the hourly chart of BCH/USD.
The highlighted sample line assistance is holding losses above the $1300 stage. On the upside, there is a connecting bearish sample line forming with resistance at $1800. As prolonged as the value is above $1200, it might probably make one different upside attempt in the direction of $1800 or bigger.
Looking on the technical indicators:
Hourly MACD – The MACD for BCH/USD is about to maneuver once more inside the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is presently near the 50 stage.
Major Support Level – $1300
Major Resistance Level – $1800
Charts courtesy – Trading View, Kraken
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