- Bitcoin cash price started a major increase above the $580 zone against the US Dollar.
- The price is now trading above the $600 zone and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $592 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is consolidating gains and it could eye more upsides above $615 and $620.
Bitcoin cash price is showing positive signs above $595 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $580.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major increase from the $532 zone. BCH broke the $585 resistance level and the 55 simple moving average (4-hours).
The price settled above the $600 level and the 55 simple moving average (4-hours). There was also a was a break above a major bearish trend line with resistance near $592 the 4-hours chart of the BCH/USD pair. A high was formed near $619 and it is now consolidating gains.
It is trading near the $600 level. There was a break below the 23.6% Fib retracement level of the recent move from the $533 swing low to $619 high.
An initial support is near the $600 level. The first major support is near the $590 level and the 55 simple moving average (4-hours). The main support is near the $575 level. It is close to the 50% Fib retracement level of the recent move from the $533 swing low to $619 high.
The next major support is near the $565 level, below which the bears might aim a test of $550. An immediate resistance is near the $610 level. The next major resistance could be $620. The main breakout zone is near the $650 level.
A clear break above $640 and $650 might spark a fresh rally. In the stated case, the price could rise towards the $700 level.
Looking at the chart, bitcoin cash price is now trading above the $600 zone and the 55 simple moving average (4-hours). Overall, the price is consolidating gains and it could eye more upsides above $615 and $620.
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 – $600 and $575.
Key Resistance Levels – $620 and $650.
