- Bitcoin cash worth started an upside correction from the $1340 swing low in opposition to the US Dollar.
- There was a break above a critical bearish improvement line with resistance at $1800 on the 4-hours chart of BCH/USD (data feed from Kraken).
- The pair is now going via a couple of important resistance ranges resembling $2200 and $2300.
Bitcoin cash worth has recovered correctly above $1600 in opposition to the US Dollar. BCH/USD ought to clear the $2200-2300 hurdle for additional options throughout the near time interval.
Bitcoin Cash Price Resistance
This earlier week, there was a recovery initiated bitcoin cash worth from the $1500 swing low in opposition to the US Dollar. The worth moved increased and was able to commerce above the $1700 and $1800 resistance ranges. There was moreover a break above the 23.6% Fib retracement stage of the ultimate drop from the $2960 extreme to $1340 low. It opened the doorways for additional options and the worth was able to switch above the $1900 stage.
During the upside switch, there was a break above a critical bearish improvement line with resistance at $1800 on the 4-hours chart of BCH/USD. It helped patrons in pushing the worth in direction of $2000. However, there is a important resistance throughout the $2200 and $2300 stage. Both $2200 and $2300 ranges supplied help earlier, and now they could act as a resistance. Moreover, the 50% Fib retracement stage of the ultimate drop from the $2960 extreme to $1340 low is spherical $2150.
All these resistances are major barriers for an upside push in direction of $2500. On the draw again, there are a few helps resembling $1800. $1600 and $1500. Any draw again response will nearly positively uncover help at $1500.
Looking on the technical indicators:
4-hours MACD – The MACD for BCH/USD is slowly transferring throughout the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Level – $1500
Major Resistance Level – $2200
Charts courtesy – Trading View, Kraken