2018-11-5 07:28 |
Key Points
Bitcoin cash price climbed higher recently and broke the $550 resistance against the US Dollar. There is a major bullish trend line formed with support at $522 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair could correct further lower, but it is likely to find bids near $520 in the near term.Bitcoin cash price rallied recently above $500 against the US Dollar. BCH/USD is now in an uptrend and dips remain supported on the downside.
Bitcoin Cash Price AnalysisIn the weekly analysis, we discussed the chances of bitcoin cash price surpassing the $500 barrier against the US Dollar. The BCH/USD pair did trade higher and broke many resistances near the $550 level. It traded close to the $600 level and formed a high at $589. Later, the price started a downside correction and declined below $560. There was a break below the 23.6% Fib retracement level of the recent wave from the $456 low to $489 high.
However, there are many supports on the downside near $520. More importantly, there is a major bullish trend line formed with support at $522 on the hourly chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $456 low to $489 high. Therefore, if the pair continues to move down, it is likely to find bids near $520 in the near term. If there is a break below the $520 zone, the next support is near the $500 handle.
Looking at the chart, BCH price is clearly placed in an uptrend above the $500 handle. In the short term, there could be corrective moves before the next rally above $560 and $580.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just near the 50 level.
Major Support Level – $520
Major Resistance Level – $580
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