34.1 C
Dubai
Thursday, May 30, 2024
HomeAltcoin NewsBitcoin Cash Analysis: Bulls Struggle Near $650

Bitcoin Cash Analysis: Bulls Struggle Near $650

Date:

Related stories

  • Bitcoin cash price started a fresh increase above the $600 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 $600 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must gain pace above $650 for a sustained move higher towards $750.

Bitcoin cash price is showing positive signs above $600 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $575.

Bitcoin Cash Price Analysis

Bitcoin cash price gained pace after there was a close above $575. As a result, BCH climbed above the $600 resistance and the 55 simple moving average (4-hours).

There was a clear break above the 23.6% Fib retracement level of the downward move from the $731 swing high to $543 low. Besides, there was a break above a major bearish trend line with resistance near $600 the 4-hours chart of the BCH/USD pair.

The pair surpassed the $620 resistance level. However, the price is now facing resistance near the $635 level. It is near the 50% Fib retracement level of the downward move from the $731 swing high to $543 low.

The price is now trimming gains, but it is still above the $600 zone and the 55 simple moving average (4-hours). An initial support is near the $600 level. The first major support is near the $580 level and the 55 SMA.

A downside break below the $580 and $575 support levels might start a major decline. The next major support is near the $550 level, below which the bears might aim a test of $500. Any more downsides might lead the price towards the $450 level.

An immediate hurdle on the upside is near the $620 level. The main hurdle is forming near the $635 level. A clear break above $635 and $650 might spark a fresh rally. In the stated case, the price could rise towards the $750 level. An intermediate resistance might be near the $720 level.

Bitcoin Cash Price
Bitcoin Cash Price

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 must gain pace above $650 for a sustained move higher towards $750.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish 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 – $635 and $650.

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.

Subscribe

Latest stories