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Key Points Bitcoin cash price is recovering and is currently trading above $1,100 against the US Dollar. There was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD (data feed from Kraken). The pair is now trading comfortably above the $1,100 level and the 100 hourly simple moving average.

Bitcoin cash price has moved in the positive zone against the US Dollar. BCH/USD may continue to gain momentum above the $1,150 level in the near term.

Bitcoin Cash Price Support

There was a decent recovery initiated from the $960 support area in bitcoin cash price against the US Dollar. The price traded higher and moved above the $1,000 and $1,050 resistance levels. The trend is positive since the price was able to close above the $1,000 level and the 100 hourly simple moving average. Moreover, there was a decent support base formed above the $1,000 level.

More importantly, there was a break above a major contracting triangle with resistance at $1,040 on the hourly chart of BCH/USD. The pair also traded above the $1,100 resistance and formed a high at $1,159. At the moment, the pair is consolidating above the $1,100 level. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $962 low to $1,159 high. However, the most important support is near the $1,050 level.

The 50% Fib retracement level of the last wave from the $962 low to $1,159 high is also near $1,060 to act as a support. The overall bias is positive as long as the price is above the $1,050 support and the 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now placed well above the 50 level.

Major Support Level – $1,050

Major Resistance Level – $1,150

Charts courtesy – Trading View

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