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Bitcoin Cash Analysis: More Gains Possible Above $700

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  • Bitcoin cash price started a decent increase above the $650 resistance against the US Dollar.
  • The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $650 and $680 resistance levels.

Bitcoin cash price is gaining pace above the $600 zone against the US Dollar, similar to bitcoin. BCH/USD must clear $700 for more gains in the near term.

Bitcoin Cash Price Analysis

After forming a base above the $600 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $640 level to move into a positive zone.

The price even broke the $650 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $700 level and traded as high as $715. Recently, there was a downside correction below the $680 and $650 support levels.

The price even spiked below the $625 level, but there was no downside continuation. A low is formed near $619 and the price is back above the 55 simple moving average (4-hours).

There was a break above the 23.6% Fib retracement level of the downward move from the $719 swing high to $619 low. It is now rising and trading above $650. An immediate resistance is near the $667 level. It is close to the 50% Fib retracement level of the downward move from the $719 swing high to $619 low.

The next major resistance could be $675 and $680. Therefore, a clear break above the $680 level might push the price towards the $700 resistance. To continue higher, the price must clear the $700 resistance zone.

The next major resistance is near the $750 level. On the downside, the first major support is near the $640 level. There is also a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH/USD pair.

A downside break below the $635 support zone and $620 could open the doors for a larger decline. The next major support is near the $550 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $620 zone and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $650 and $680 resistance levels.

Technical indicators

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

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

Key Support Levels – $640 and $620.

Key Resistance Levels – $680 and $700.

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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