HomeAltcoin NewsBitcoin Cash Analysis: Bulls Pump BCH Above $1,500, Dips Supported

Bitcoin Cash Analysis: Bulls Pump BCH Above $1,500, Dips Supported

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  • Bitcoin cash price started a fresh surged above the $1,000 barrier against the US Dollar.
  • The price is now trading well above the $1.200 support level and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $1,360 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could correct lower, but dips are likely to remain well bid near the $1,200 level.

Bitcoin cash price rallied over 30% and it broke the $1,500 level against the US Dollar, while bitcoin is stuck in a range. BCH/USD is likely to remain supported near $1,200.

Bitcoin Cash Price Analysis

After breaking the $1,000 resistance zone, bitcoin cash price started a strong rally. BCH broke the $1,200 resistance zone to move further into a bullish zone.

The price spiked above the $1,500 level and traded to a new yearly high at $1,611. It is now trading well above the $1.200 support level and the 55 simple moving average (4-hours). There was a downside correction recently below the $1,500 support.

The price traded below the 23.6% Fib retracement level of the recent increase from the $934 swing low to $1,611 high. On the downside, there is a decent support forming near the $1,350 level.

There is also a key rising channel forming with support near $1,360 on the 4-hours chart of the BCH/USD pair. If there is a downside break, the price could decline towards the $1,275 support. It is close to the 50% Fib retracement level of the recent increase from the $934 swing low to $1,611 high.

Any more losses could lead the price towards the main $1,200 support zone. Conversely, the price clear the $1,500 resistance once again to start a fresh increase. On the upside, the main hurdle is near the $1,600 level, above which the price could rally towards the $1,800 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly trading well above the $1,200 level and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips are likely to remain well bid near the $1,200 level in the near term.

Technical indicators

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

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

Key Support Levels – $1,350 and $1,200.

Key Resistance Levels – $1,500 and $1,600.

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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