- Bitcoin cash price is currently struggling to clear the $450 resistance against the US Dollar.
- The price is trading nicely above the $420 level and the 55 simple moving average (4-hours).
- There is a major ascending channel forming with support near $420 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to clear the $450 resistance as long as it is above $400 in the near term.
Bitcoin cash price is slowly moving higher towards $450 against the US Dollar, while bitcoin is above $37K. BCH/USD might surge if it clears the $450 resistance zone.
Bitcoin Cash Price Analysis
After forming a support base above $370, bitcoin cash price started a fresh increase. BCH price broke the $400 and $420 levels to move into a positive zone.
The price even cleared the $435 level and settled above the 55 simple moving average (4-hours). However, the price currently struggling to clear the $450 resistance. A high is formed near $456 before the price dropped back to $412.
It is currently trading nicely above the $420 level and the 55 simple moving average (4-hours). There is also a major ascending channel forming with support near $420 on the 4-hours chart of the BCH/USD pair.
An immediate resistance on the upside is near the $435 level. It is close to the 50% Fib retracement level of the recent decline from the $456 high to $412 low. The next major resistance is near the $440 level.
The 61.8% Fib retracement level of the recent decline from the $456 high to $412 low is also at $440. The main resistance is still near the $450 level. A clear break above the $440 and $450 levels is must for a sustained upward move in the near term.
The next major resistance is near the $465 level, above which BCH could test $480. Conversely, the price could climb above $440 and $450. In the stated case, it could dive below the $420 and $400 support levels.
Looking at the chart, bitcoin cash price is clearly trading nicely above the $420 level and the 55 simple moving average (4-hours). Overall, the price is likely to clear the $450 resistance as long as it is above $400 in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently just above the 50 level.
Key Support Levels – $420 and $400.
Key Resistance Levels – $440 and $450.
