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Bitcoin Cash Price Technical Analysis – BCH/USD Facing Key Resistance

Bitcoin Cash Price Technical Analysis – BCH/USD Facing Key Resistance

Key Points

  • Bitcoin money value traded above the $1,280 degree, however it failed close to $1,365 towards the US Dollar.
  • There is a short-term connecting bullish development line forming with help at $1,280 on the hourly chart of BCH/USD (information feed from SimpleFX).
  • On the upside, the pair has to interrupt the $1,365-1,370 resistance to achieve bullish momentum.

Bitcoin money value is buying and selling with a constructive bias towards the US Dollar. However, BCH/USD is discovering it troublesome to interrupt an necessary resistance close to $1,365.

Bitcoin Cash Price Upside Hurdle

There was a decent upside move initiated in bitcoin money value from the $1,190 low towards the US Dollar. The value began shifting increased and broke the $1,250 and $1,280 resistance ranges. More importantly, it additionally broke the $1,300 resistance and settled above the 100 hourly easy shifting common. BCH value even traded above the $1,350 degree, however it struggled to maneuver above the $1,365 degree. The said $1,365 degree acted as a resistance earlier as properly and it at the moment stopping good points.

At the second, the worth is correcting decrease in direction of $1,300. It has moved beneath the 23.6% Fib retracement degree of the leg from the $1,189 low to $1,365 excessive. Moreover, there’s a short-term connecting bullish trend line forming with help at $1,280 on the hourly chart of BCH/USD. The development line help can be across the 38.2% Fib retracement degree of the leg from the $1,189 low to $1,365 excessive. Most importantly, the damaged resistance at $1,280 could now act as a help.

On the upside, the worth has to maneuver above the $1,365 and $1,370 degree to achieve momentum. Above $1,370, the worth might simply transfer above $1,400.

Looking on the technical indicators:

Hourly MACD – The MACD for BCH/USD is at the moment positioned within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is shifting decrease, however it’s at the moment properly above the 50 degree.

Major Support Level – $1,280

Major Resistance Level – $1,365

 

Charts courtesy – SimpleFX

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