Key Points
- Bitcoin cash price is holding the $460 support very well against the US Dollar.
- Yesterday’s highlighted key bearish trend line is still active with resistance near $475 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could move higher in the short term towards the $495 and $500 resistance levels.
Bitcoin cash price is trading above the recent low against the US Dollar. BCH/USD is likely to recover a few points towards $500 in the near term.
Bitcoin Cash Price Support
Yesterday, there was a minor recovery initiated from the $460 support in bitcoin cash price against the US Dollar. The BCH/USD pair moved above the $475 and $480 levels. However, the upside move was capped by the $490 resistance zone. Moreover, the price also failed to break the 50% Fib retracement level of the last slide from the $525 high to $460 swing low.
Later, the price declined back towards the $460 support zone where buyers reemerged. There was a fresh upward move from the $459 low and the price climbed above $470. The price also succeeded in clearing the 23.6% Fib retracement level of the recent drop decline from the $492 high to $459 low. However, the price is currently struggling to clear the $475 resistance. Additionally, yesterday’s highlighted key bearish trend line is still active with resistance near $475 on the hourly chart of the BCH/USD pair. It seems like the price may clear the $475 and $480 resistance levels to climb further in the near term.
Looking at the chart, BCH price could move a few points higher, but it is likely to face a strong selling interest near the $490 and $500 resistance levels. On the downside, a break below $460 may push the price towards $450.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Major Support Level – $460
Major Resistance Level – $500
The post Bitcoin Cash Price Analysis: BCH/USD Could Recover To $500 appeared first on NewsBTC.
