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HomeAltcoin NewsBitcoin Cash Analysis: Eyes Upside Break above $550

Bitcoin Cash Analysis: Eyes Upside Break above $550

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  • Bitcoin cash price started a decent increase above the $500 resistance against the US Dollar.
  • The price is now trading above the $500 zone and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $505 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $550 and $555 resistance levels.

Bitcoin cash price is gaining pace above the $500 zone against the US Dollar, similar to bitcoin. BCH/USD must clear $550 for more gains in the near term.

Bitcoin Cash Price Analysis

After formed a base above the $400 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $450 level to move into a positive zone.

The price even broke the $500 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $520 level and it is now consolidating near the $550 resistance. The recent high was formed near $547 and the price is now stuck in a range.

An initial support is near the $528 level. It is near the 23.6% Fib retracement level of the upward move from the $467 swing low to $547 high.

The first major support is near the $518 level. There is also a major bullish trend line forming with support near $505 on the 4-hours chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $467 swing low to $547 high.

A downside break below the $505 support zone could open the doors for a larger decline. The next major support is near the $450 level. An initial resistance is near the $545 level. The first major resistance is near the $550 level. To continue higher, the price must clear the $550 resistance zone. The next major resistance is near the $585 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $500 zone and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $550 and $555 resistance levels.

Technical indicators

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

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

Key Support Levels – $505 and $485.

Key Resistance Levels – $550 and $585.

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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