Bitcoin Cash has been bullish against the USD over the past few trading sessions. The price action took the token above the $840 and $850 resistance levels breaking above the declining channel that had resistance at $810. According to the BCH price analysis of Aayush Jindal from NewsBtc, Bitcoin Cash is firmly in the uptrend and may rise to the $890 and $900 resistance levels soon.
BCH Price Analysis For July 25
Bitcoin Cash is moving higher against the USD and it will most likely move above $880 soon. The buying interest increased around $770. The buyers pushed the price up above the resistance at $800. This upward move settled above the resistance at $825 and above the 100 hourly SMA.
Bitcoin Cash (BCH) Price Today – BCH / USD
Later, the buyers pushed the price above the resistance at $840 and $850. Bitcoin Cash traded as high as $877 before it started consolidating its gains. There was support around the 23.6% Fibonacci retracement levels of the last rise from $772 to $877. From the BCH price analysis, the trading pair is going to move toward the $840 support if the price continues to correct below $850. On the other hand, there is a significant support around the 50% Fibonacci retracement levels of the last rise from $772 to $877. If the price falls below this level, it will find support around $810.
Bitcoin Cash Technical Analysis
The technical charts show that BCH is on an uptrend above the $850 level. If it pushes above $877, it will pave a way for more gains above $880. After this level, the next significant hurdle buyers will face will be at $890 and $900.
The relative strength index is above 55 and this is a positive sign. The MACD on the hourly chart is in the bullish zone which is also a positive sign. The significant support is at $840 while the significant resistance is at $890. The next few trading sessions will determine if the price action will remain positive or not.