Filed Under:  Bitcoin Trading

Bitcoin Cash Price Technical Analysis – BCH/USD Poised to Break $600

3rd November 2017   ·   0 Comments

 

Key Points

  • Bitcoin cash price is surging higher and recently moved above the $560 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $560 on the hourly chart of BCH/USD (data feed from Kraken).
  • The price might continue to move higher and will most likely break the $600 level.

Bitcoin cash price extended gains above the $550 level against the US Dollar. BCH/USD is likely to move above $600 to gain further pace.

Bitcoin Cash Price Support

There was a decent upside ride in Bitcoin cash above $500 recently against the US Dollar. The price gained a lot of traction and was able to move above the $550 and $560 resistance levels. A new monthly high was formed recently at $595 and it seems like the price would continue to move higher. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $422 low to $595 high.

Any major correction from the current levels seem limited by the $560-550 area. There is also a major bullish trend line forming with support at $560 on the hourly chart of BCH/USD. As long as the pair is above the $560 level, there is a chance of it breaking the $600 handle today. Above $600, the next major resistance is close to the $620 level. Any further gains should lead the pair towards the $650 level.

Bitcoin Cash Price Technical Analysis BCH USD

To the downside, the trend line support at $560 is important. A break below it should clear the way for a test of the $500 handle. Overall, BCH remains buy on dips near the $560 level for a move above $600.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is steady in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well placed in the bullish zone.

Major Support Level – $560

Major Resistance Level – $600

Charts courtesy – Trading View, Kraken

Read more

Tags:  , , , , ,

By

Readers Comments (0)





*

Click here to add Widgets

FOREX BONUSES & PROMOTIONS

instaforex- $3500 No Deposit Bonus

$3500 No Deposit Bonus

XM- $30 No Deposit Bonus

$30 No Deposit Bonus

$25 No Deposit Bonus

$25 No Deposit Bonus

$300 No Deposit Bonus

* $300 No Deposit Bonus

UFX Logo

* $50 No Deposit Bonus

fxgiants - $35 No Deposit Bonus

$25 No Deposit Bonus

IronFX -$35 No Deposit Bonus

$25 No Deposit Bonus

See All Bonuses