- Bitcoin cash price started a decent increase above the $600 resistance against the US Dollar.
- The price is now trading above the $600 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $610 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher above the $625 and $650 resistance levels.
Bitcoin cash price is gaining pace above the $600 zone against the US Dollar, similar to bitcoin. BCH/USD must clear $650 for more gains in the near term.
Bitcoin Cash Price Analysis
After formed a base above the $500 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $580 level to move into a positive zone.
The price even broke the $600 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $625 level and traded as high as $650. Recently, there was a downside correction below the $625 and $620 support levels.
The price even spiked below the $600 level, but there was no downside continuation. A low is formed near $591 and the price is still trading well above the 55 simple moving average (4-hours).
It is now rising and trading above $610. An immediate resistance is near the $621 level. It is close to the 50% Fib retracement level of the downward move from the $650 swing high to $591 low. The next major resistance could be $625 and $627.
The 61.8% Fib retracement level of the downward move from the $650 swing high to $591 low is also near $627. Therefore, a clear break above the $627 level might push the price towards the $650 resistance.
To continue higher, the price must clear the $650 resistance zone. The next major resistance is near the $700 level. On the downside, the first major support is near the $600 level. There is also a key bullish trend line forming with support near $610 on the 4-hours chart of the BCH/USD pair.
A downside break below the $610 support zone could open the doors for a larger decline. The next major support is near the $550 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 likely to accelerate higher above the $625 and $650 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 – $610 and $550.
Key Resistance Levels – $625 and $650.
