Bitcoin Cash Price Analysis: BCH/USD Gaining Momentum

Bitcoin cash price traded further higher and broke the $750 resistance zone against the US Dollar.

• Yesterday’s highlighted declining channel was broken with resistance near $735 on the hourly chart of the BCH/USD pair (data feed from Kraken).
• The pair is now trading comfortably above the $750 resistance with positive signs for more gains.

Bitcoin cash price is gaining momentum above $750 against the US Dollar. BCH/USD has to clear the $800 barrier to extend the current uptrend in the near term.

 past three sessions were positive as bitcoin cash price gained traction and remained well above $700 against the US Dollar. The BCH/USD pair gained momentum and broke the $740 and $750 resistance levels. There was a perfect correction yesterday as the price tested the 50% Fib retracement level of the last leg from the $650 low to $785 high.The price started a fresh upward wave and cleared a crucial barrier at $750. More importantly, yesterday’s highlighted declining channel was broken with resistance near $735 on the hourly chart of the BCH/USD pair. The pair even succeeded in clearing the $770 resistance. It is currently consolidating above the $770 level with positive signs. On the upside, an initial resistance is at $795, followed by $800. Above this last, the price will most likely trade towards the $850 level in the near term. On the downside, an initial support is the 23.6% Fib retracement level of the last wave from the $716 low to $795 high.

Looking at the chart, the price is positioned nicely above the $750 level. The 50% Fib retracement level of the last wave from the $716 low to $795 high is also at $756 to act as a strong buy zone. Overall, the price remains well supported above $750 for more gains