- Bitcoin cash price traded higher recently, but it failed to stay above $200 against the US Dollar.
- There is a key bullish trend line formed with support at $170 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to climb higher once again above $185 as long as it is above $170.
Bitcoin cash price is trading with a positive bias above $160 against the US Dollar. BCH/USD must settle above $185 and $200 to gain bullish momentum.
Bitcoin Cash Price Analysis
There was a solid upward move above the $170 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair broke the key $185 resistance to move into a positive zone. There was a proper break above the 76.4% Fib retracement level of the last slide from the $209 high to $146 swing low. The price spiked above the $200 resistance and traded towards the $209 high.
A new intraday high was formed at $206 and later the price started a downside correction. It declined heavily and trimmed gains below $200 and $185. There was a break below the $180 level and the 100 hourly simple moving average. Moreover, the price breached the 50% Fib retracement level of the last wave from the $146 low to $206 high. On the downside, there is a decent support formed near $170. Besides, there is a key bullish trend line formed with support at $170 on the hourly chart of the BCH/USD pair.
Looking at the chart, BCH price must stay above the $165 and $170 support levels to bounce back once again. On the upside, a proper close above $185 and then $200 is needed for bullish continuation.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just above the 50 level.
Major Support Level – $165
Major Resistance Level – $185
Author: Aayush Jindal