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HomeAltcoin NewsBitcoin Cash Analysis: BCH Eyeing Crucial Upside Break Above $430, $440

Bitcoin Cash Analysis: BCH Eyeing Crucial Upside Break Above $430, $440

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  • Bitcoin cash price found support near the $400 level and recently moved higher against the US Dollar.
  • The price is trading nicely above the $410 and $420 levels, with a positive bias.
  • There is a crucial bullish trend line forming with support near $410 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
  • The pair is likely setting up for a major upside break above $430 and $440 in the near term.

Bitcoin cash price is trading with a positive tone above $410 against the US Dollar. BCH could start a strong upward move, considering the recent strength of bitcoin.

Bitcoin Cash Price Analysis

After topping near the $442 level, bitcoin cash price started a downside correction against the US Dollar. The BCH/USD pair traded below the $420 support level. The pair even broke the $410 level and spiked below the $405 level. However, the $400-402 area acted as a strong support and the price climbed back up. It is trading nicely above the $410 level and the 55 simple moving average (4-hours).

There was a break above the $420 level, and the 50% Fib retracement level of the last decline from the $442 high to $402 swing low. However, the price is facing resistance near the $427-430 zone. There is also a connecting bearish trend line forming with resistance at $427 on the 4-hours chart of the BCH/USD pair. The 61.8% Fib retracement level of the last decline from the $442 high to $402 swing low is also near $427.

Therefore, it there is an upside break above $427 and $430, the price is likely to climb higher in the near term. The next key resistances are near the $435 and $440 levels, above which the price could test $450.

On the downside, there is a strong support forming near the $410 level. There is also a crucial bullish trend line forming with support near $410 on the same chart. As long as the price is above the $410 support, it is likely to climb higher in the coming sessions.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, bitcoin cash price is clearly trading with a positive zone above the $400 and $410 level. Besides, if bitcoin price continues to climb higher, BCH too could rally. On the upside, a clear break above the $430 and $440 levels might spark sharp gains. Conversely, a downside break below $400 could start a major drop.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level.

Key Support Levels – $410 and $400.

Key Resistance Levels – $430 and $440.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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