Bitcoin Cash price analysis: BCH/USD in a key bullish trend, the support formed at $1,020
|- Bitcoin Cash price upside gains were capped below the $1,100 resistance level.
- BCH/USD is trading above the 23.6% Fibo, developing bullish trend could push the price higher.
Bitcoin Cash price is trading in a positive zone on Tuesday afternoon. The currency experienced substantial losses in price Yesterday but managed to bounce back before breaking the support level $1,020. Bitcoin Cash opened trading today with a bullish momentum; however, the upside gains were capped below $1,100.
There was a small upside break above $1040 during the trading session yesterday. The price broke past the two immediate resistance levels at $1,050 and $1,160 respectively. Moreover, the price traded above the major resistance level at $1,100 and exchanged hands at $1,160. The priced then embarked on a downside move, lost more than $100; the losses were, however, stopped by the support level at $1,000.
Currently, Bitcoin Cash price is trading past the 23.6% Fibonacci retracement level with the last swing high of $1,160 and a low of $1,010. The developing bullish trend could push the price to correct higher in the short-term. There is a major hurdle at $1,080 while the 50% Fib retracement level is much closer to the $1,085 which is a key resistance level.
BCH/USD price hourly chart
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