BCH/USD Pair – Technical Analysis
- Bitcoin Cash (BCH) price is gaining steadily above 1500 USD mark.
- A clear uptrend (bullish) is forming with good support in $1450 range.
- The BCH/USD pair is very likely to reap profits toward 2000 USD in the near term.
Bitcoin Cash Technical Support
There were filthy gains made with bitcoin cash over the last couple of days, as it broke at $1000 level vs. USD. BCH was trading at some new all-time highs at 1805 USD, and also it looks like the present bullish trend would continue. At the time of writing this analysis, the Bitcoin Cash price is steadily trading in the $1750 range and can be reaping handsome profits.
The support is at the 23.6 percent Fib retracement level and has gained from the previous value of $1220 to $1805 high.
The downward trend could be stopped in the short term between 1500 USD and 1400 USD. There’s a significant uptrend forming with a decent support at 1450-1500 range and can be seen in the 4-hours chart.
The support is about 50 percent Fib retracement level. Thus, any significant dips in the trading price towards 1500 USD may discover strong buying sentiment. If BCH nears the $1400 mark, it can open the doors to a whole down trend and support it at the $1000 level.
On the other hand, the price may probably split at around 1805 USD (high). It may even break the $2000 range, provided buyers still play.
BCH/USD Technical Indicators:
- 4-hours Moving Average – The MACD is currently placed at the bullish levels.
- 4-hours Relative Strength – The RSI is at super overbought levels.
- The current Major Support Level is 1500 USD
- The current Major Resistance Level is 2000 USD
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