- Bitcoin cash price started a fresh increase above the $565 zone against the US Dollar.
- The price is now trading below the $600 zone and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $610 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must gain pace above $600 for a sustained move higher towards $650.
Bitcoin cash price is showing positive signs above $580 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $572.
Bitcoin Cash Price Analysis
Bitcoin cash price declined heavily below the $600 support. BCH even settled below $580 and the 55 simple moving average (4-hours).
A low was formed near $533 and the price is now rising. There was a break above the $580 level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the recent decline from the $632 swing high to $533 low.
It is now facing resistance near the $590 level. The 61.8% Fib retracement level of the recent decline from the $632 swing high to $533 low is also near the $595 level.
Besides, there is a major bearish trend line forming with resistance near $610 the 4-hours chart of the BCH/USD pair. A clear break above $595 and $600 might spark a fresh rally. In the stated case, the price could rise towards the $650 level. An intermediate resistance might be near the $635 level.
An initial support is near the $575 level. The first major support is near the $572 level, below which there is a risk of a larger decline. The next major support is near the $565 level, below which the bears might aim a test of $535. Any more downsides might lead the price towards the $500 level.
Looking at the chart, bitcoin cash price is now trading below the $600 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $600 for a sustained move higher towards $650 in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now near the 50 level.
Key Support Levels – $572 and $565.
Key Resistance Levels – $595 and $600.
