HomeAltcoin NewsBitcoin Cash Analysis: Bulls Gain Strength Above $450

Bitcoin Cash Analysis: Bulls Gain Strength Above $450

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  • Bitcoin cash price started a fresh increase above the $440 zone against the US Dollar.
  • The price is now trading above the $450 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $435 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must gain pace above $460 for more gains in the near term.

Bitcoin cash price is showing positive signs above $450 against the US Dollar, similar to bitcoin. BCH/USD could gain bullish momentum above the $460 level.

Bitcoin Cash Price Analysis

Bitcoin cash price formed a base above the $415 level. BCH started a fresh increase above the $520 and $530 levels. There was also a close above the $540 level and the 55 simple moving average (4-hours).

Besides, there was a break above a major bearish trend line with resistance near $435 the 4-hours chart of the BCH/USD pair. The pair is now trading near the 50% Fib retracement level of the downward move from the $504 swing high to $415 low.

An immediate hurdle on the upside is near the $460 level. The next major resistance is near the $470 level. It is near the 61.8% Fib retracement level of the downward move from the $504 swing high to $415 low.

A clear break above $460 and $470 might spark a fresh rally. In the stated case, the price could rise towards the $500 level.

An initial support is near the $440 level. The first major support is near the $435 level and the 55 simple moving average (4-hours). A downside break below the $440 and $435 support levels might start a major decline.

The next major support is near the $420 level, below which the bears might aim a test of $400. Any more downsides might lead the price towards the $380 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $450 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $460 for a fresh increase 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 above the 50 level.

Key Support Levels – $440 and $435.

Key Resistance Levels – $460 and $500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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