Bitcoin Cash price analysis: BCH/USD encounters key resistance

  • Bitcoin Cash encounters key resistance at $1,365
  • The price has shifted below the 23.6% Fib retracement
  • BCH/USD testing the support level at $1, 285

Bitcoin Cash is trading in an upward bias trend. However, BCH/USD is encountering a strong resistance level close to $1,350. The currency has been in an upside trend after recovering from last week’s low of $905. The price embarked on the upward trend and was able to break past the $1,250 and $1,280 resistance levels. It pushed past the $1,300 resistance level to settle above the 100-SMA trend line as seen on the price chart. The cryptocurrency continued in the upward trend to trade above the $1,350 level but has since struggled to move beyond the $1,350 key resistance level.

Technical anlysis 

On Thursday, Bitcoin Cash is trading at $1,325 correcting more to $1,300. BCH/USD has shifted below the 23.6% Fib retracement level with a low of $1,188 and a high of $1,365. The support level is forming at $1,285 on the intraday price chart. The trend line support level is close to the 38.2% Fib retracement level between the lower leg of $1,189 and the high of $1,365. The currency is testing the support level, and it may not hold a strong support. On the upside, the bulls could cause the price to gain momentum pushing past $1,365 and the $1, 370 prices. If the price pushes past $1,370, $1,400 is well within reach.

BCH/USD daily price chart

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