HomeAltcoin NewsBitcoin Cash Analysis: Bulls Protect Key Uptrend Support

Bitcoin Cash Analysis: Bulls Protect Key Uptrend Support

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  • Bitcoin cash is eyeing a fresh increase above the $450 resistance against the US Dollar.
  • The price is now trading near the $420 zone and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $417 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $440 and $450 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $410 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $450 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a pullback from the $530 zone. BCH traded below the $465 and $450 support levels to enter a short-term bearish zone.

A low was formed near $340 before the price started a fresh increase. There was a move above the $385 and $400 resistance levels. The price broke the 23.6% Fib retracement level of the downward move from the $530 swing high to the $340 low.

Bitcoin cash is now trading near the $420 zone and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $417 on the 4-hour chart of the BCH/USD pair.

On the upside, the price is facing resistance near the $440 level. The first key resistance is near $450 or the 50% Fib retracement level of the downward move from the $530 swing high to the $340 low. The next major resistance is near $455, above which the price may perhaps gain bullish momentum.

The next major resistance is near the $500 level. Any more gains above $500 could set the pace for a move toward the $520 level or even $530. If not, the price might start another decline.

Immediate support on the downside is near the $417 level. The first major support sits near the $400 level. The next major support is near $380 below which the bears might aim for $340.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading near the $420 zone and the 55 simple moving average (4 hours). Overall, the price must clear $440 and $450 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.

Key Support Levels – $417 and $400.

Key Resistance Levels – $440 and $450.

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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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