Bitcoin Cash (BCH) Trades In Green As It Prepares To Break A Major Resistance

The Bitcoin Cash price trend has been positive above $800 with a major bearish trendline that holds resistance around $830 against the USD. The Bitcoin Cash to USD pair will have to break the resistance at $830. If the price is to climb higher, it must also break the resistance at $860. The Bitcoin Cash price action shows that the cryptocurrency will most likely trade above $840 against the USD soon. If this happens, it will also test and cross the key resistance at $860.

Bitcoin Cash Price Analysis For July 30

Bitcoin Cash price action formed a solid support around $780 against the USD. The pair started to move upward until it traded above the resistance at $800. Buyers were able to push the price above the 50% Fibonacci retracement level from the last fall from $863 to $778. This opened the doors for more gains that took the price up above $820. The price of Bitcoin Cash settled above the 100 hourly SMA. The good news is that the price was able to close above the 61.8% Fibonacci retracement level of the last fall from $863 to $778.

SEE ALSO:   Tour de Crypto Bikers Raising Cryptocurrency for Charity In Hospital After Accident

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$6,513.06
0.65%
Bitcoin Cash (BCH)
$449.78
1.93%

A significant bearish trendline was formed with resistance near $830. This is a hurdle on the hourly chart of the trading pair. Bitcoin Cash was trading near the $830 resistance area at the time of writing. If it can break above this level, the price will climb above $840 opening the way for more gains to $860.

Bitcoin Cash To USD Technical Analysis

Everything on the technical charts indicate that the price of Bitcoin Cash is a positive trend above the 100 simple moving average and $820. If the price falls below this level, it may go lower below the $800 support level soon. The relative strength index is near 50 and the MACD on the hourly chart is in the bullish territory. According to the price analysis of Aayush Jindal, the major resistance level is $830 and the major support level is $800.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

8 + 4 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.