RATE Group | Bitcoin Cash Price Analysis: BCH/USD Could Retest $860
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Bitcoin Cash Price Analysis: BCH/USD Could Retest $860

30 Jul Bitcoin Cash Price Analysis: BCH/USD Could Retest $860

Posted at 05:30h in Bitcoin News by

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Key Points

  • Bitcoin cash price is trading with a positive bias above the $800 support against the US Dollar.
  • There is a major bearish trend line in place with resistance near $830 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to break the $830 resistance to climb higher towards the $860 resistance.

Bitcoin cash price is likely to trade higher above $840 against the US Dollar. BCH/USD may perhaps test $860, which is a key resistance for buyers.

Bitcoin Cash Price Resistance

There was a solid support formed near the $780 level in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and traded above the $800 resistance. Buyers were successful in pushing the price above the 50% Fib retracement level of the last decline from the $863 high to $778 swing low. It opened the doors for more gains and the price settled above $820 and the 100 hourly simple moving average.

However, the price was not able to close above the 61.8% Fib…

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