- Bitcoin cash price jumped higher and the resistance levels of $ 540 and $ 600 broke against the US dollar.
- There was a break above a large bearish trend line formed with resistance close to $ 560 on the 4-hour chart of the BCH / USD pair (Kraken's data feed).
- The pair rose above $ 600 and $ 620 levels, and now it could collect $ 650.
Bitcoin cash price climbed higher than $ 600 higher than the US dollar. BCH / USD may correct lower, but dips are still supported for more gains above $ 650.
Bitcoin price development in cash
After trading above the $ 500 level for some time, there was a strong upward movement in the bitcoin cash price against the US dollar. The BCH / USD pair collected and broke many resistances on their way up, such as $ 540, $ 580, $ 600 and $ 640. More importantly, the price is now far above the $ 550 pivot level and the 100 simple moving average (4 hour) is traded.
During the turnout there was a break above a large bearish trend line formed with resistance close to $ 560 on the 4-hour chart of the BCH / USD pair. The pair acted as high as $ 656 and it is currently in a bullish trend. If the bearing is correcting than the current levels, the previous resistance near $ 620 could act as a support. The 23.6% Fib retracement level of the last wave from the $ 523 low to $ 656 high is also positioned close to the $ 625 level. If the price continues to fall, the $ 600 level is the next support. It coincides with the 50% Fib retracement level of the last wave from the $ 523 low to $ 656 high.
Looking at the chart, the BCH price remains in a solid upward trend above $ 600. There may be a slight dip, but buyers will likely appear in the neighborhood of $ 625 or $ 600.
Looking at the technical indicators:
4 hour MACD – The MACD for BCH / USD is heavily placed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BTC / USD is near the overbought levels.
Great support level – $ 600
Major Resistance Level – $ 650