Lorenzo Stroe
Independent Analyst
- Bitcoin Cash price has seen a massive explosion in the past week jumping from a low of $333 to $464.
- The digital asset faces one last resistance level before $500.
Bitcoin Cash has been inside a steady and robust uptrend since September 2020. In total, the digital asset has risen by more than 130% but hasn’t yet beaten the 2020-high of $498 established on February.
Bitcoin Cash faces one critical resistance level
BCH is currently trading at around $440 after significant continuation in the past 24 hours from an initial breakout above $360 on January 3. The digital asset now faces very little resistance ahead according to various indicators.
BCH IOMAP chart
According to the In/Out of the Money Around Price (IOMAP) chart, Bitcoin Cash has established a strong resistance area between $428 and $441. A breakout above this range can quickly push Bitcoin Cash price towards $500.
BCH/USD daily chart
However, on the daily chart, the RSI is overextended, which indicates a pullback is nearby. In the past several months, the overbought RSI has been an accurate indicator of temporary tops for Bitcoin cash.
BCH Confluence Levels
The confluence detector shows weak support below at $448 which is the Pivot Point on the daily and $445 which coincides with the Pivot Point 1 Week R3 and the previous hourly low.
On the way up, the most significant resistance level seems to be located at $452 where the 10-SMA on the 15-minutes chart is located and the Pivot point 1 Month R2.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.