During the late hours of today’s trading, Bitcoin Cash price moved above the $710. The bulls formed a trendline that has support around $712. If Bitcoin Cash is to maintain these gains and gain more, it must stay above the $700 and the $710 support level. The cryptocurrency will continue to appreciate if it stays above this level.
Bitcoin Cash Price Analysis for July 16
Over the past two trading sessions, the price action indicates decent upward movements in the price of Bitcoin Cash. The Bitcoin Cash to USD trading pair moved above $700 into the positive zone. The price even broke the resistance at $710 setting the pace for more gains. Bitcoin Cash went as high as $731 before a downside correction kicked in. It is now heading towards the 23.6% Fibonacci retracement level of the last rise from $662 to $731 which is at $715.
Bitcoin Cash (BCH) Price Today – BCH / USD
Below this Fibonacci retracement level, there is a significant bullish trendline that has formed support near $712. The trendline is important because it is above $710. After this level, the next support is around $700 and the 100 hourly SMA. It also happens to be the 50% Fibonacci retracement level of the last slope from $662 to $731.
Bitcoin Cash Price Technical Analysis
The charts show that the price action is still positive and it will remain this way as long as it is above $700. There are upside resistances at $730 and $740. The relative strength index is moving toward 50 and the MACD on the hourly chart is moving to the bearish zone according to the price analysis of Aayush Jindal.
The significant resistance level is at $730 and the significant support is at $710. The next few trading sessions will determine if Bitcoin Cash can hold its gains above $700. Moving below this level will give bears full control of the market. But if the price can stays above this level, it may gather momentum to gain more short-term.