Bitcoin Cash Price is Moving Higher
The Bitcoin cash price or BCH/USD, has moved higher this past week as cryptocurrencies are recovering. This is index is now trading above the key technical level ay $1400 and traders are now looking to challenge the upside barriers lining up at $1600 and $1750.
This digital currency has made some solid gains as it has recovered nicely from $1180 this week. The gain comes with heavy bullish momentum and it has broken, easily through, the technical resistance levels that line up at $1200 and $1,400. The online currency index even broke though, during intraday trading, the resistance level of $1500 before sliding back down to $1488. The BCH/USD market hit a high at $1618. Right now, price action has lost some steam however, looking at the below daily chart, you will note that the market is well supported at $1,400. There is another good layer of support lining up at $1185.
There is a new and key, bullish trend line forming from the support at $1480. This cryptocurrency is showing some signs of weakening. However there are a few key support levels in play, if it breaks below $1400 on a daily closing basis. The other two technical support levels line up at $1185 and $1450.
Any dips lower are likely to find support at $1400. Looking higher, BCH needs a daily close above the technical resistance level at $1600 before a challenge of $1700 then $1750 is possible.
Looking at the stochastic indicators, briefly, the MACD is still showing the bulls have some steam left. The relative strength index (RS), 4 hour, is also inching higher towards 70. Keep in mind there is key support lining up at $1400 and key resistance lining up at $1600 and then $1,750.