Bitcoin cash price recovered recently before facing sellers near $450 against the US Dollar.There was a break below a major ascending channel with support at $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair is likely to find a lot of support on the downside near the $435 and $430 levels.
Bitcoin cash price is showing positive signs above $435 against the US Dollar. However, BCH/USD must surpass the $450 resistance to gain upside momentum.
Bitcoin Cash Price Analysis
Recently, we saw a decent recovery from the $420 support in Bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $430 and $440 levels to move into a positive zone. The price also settled above the $430 level and the 100 hourly simple moving average. However, the upside move was capped by the $450 resistance area. A high was formed at $452 and later the price corrected lower.
It declined and broke the 23.6% Fib retracement level of the last wave from the $423 low to $452 high. Besides, there was a break below a major ascending channel with support at $445 on the hourly chart of the BCH/USD pair. The pair traded close to the $440 support area and later recovered. It seems like the price is well supported on the downside near the $440 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $423 low to $452 high is also near $437.
Looking at the chart, BCH price is well supported above the $440 and $435 levels. Having said that, buyers need to push the price above the $450 resistance zone for an acceleration towards or above $460.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 50 level.
Major Support Level – $435
Major Resistance Level – $450