- Bitcoin cash worth lastly gained traction and moved above the $2700 diploma in opposition to the US Dollar.
- There was a break above two bearish sample strains with resistance at $2440 on the hourly chart of BCH/USD (info feed from Kraken).
- The pair is now positioned correctly above the $2500 help and the 100 hourly straightforward transferring frequent.
Bitcoin cash worth is once more inside the bullish zone above $2500 in opposition to the US Dollar. BCH/USD made a pleasing upside switch and is at current above the $2700 diploma.
Bitcoin Cash Price Trend
During the earlier three days, we seen a consolidation pattern in bitcoin cash worth above $2280 area in opposition to the US Dollar. The worth struggled to maneuver above the $2450 and $2500 resistance ranges. However, the earlier two courses have been optimistic, as the worth moved above the $2450 resistance. It moreover succeeded in breaking the 76.4% Fib retracement diploma of the ultimate decline from the $2750 extreme to $2250 low.
During the upside switch, there was a break above two bearish sample strains with resistance at $2440 on the hourly chart of BCH/USD. It opened the doorways for additional useful properties and the pair moved above the $2700 diploma. The upside move was sturdy and a extreme was formed at $2953. At the second, the worth is correcting lower in the direction of $2700. It has already breached the 23.6% Fib retracement diploma of the ultimate wave from the $2231 low to $2953 extreme. However, the draw again switch was protected by the $2600 help area.
Moreover, the 50% Fib retracement diploma of the ultimate wave from the $2231 low to $2953 extreme moreover acted as a help. The pair is now resuming its uptrend and it may shortly break the $2800 diploma as quickly as as soon as extra.
Looking on the technical indicators:
Hourly MACD – The MACD for BCH/USD has barely decreased its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is at current correctly positioned above the 50 diploma.
Major Support Level – $2500
Major Resistance Level – $2800
Charts courtesy – Trading View, Kraken