HomeAltcoin NewsBitcoin Cash Analysis: Fresh Rally To $550 On The Cards

Bitcoin Cash Analysis: Fresh Rally To $550 On The Cards

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  • Bitcoin cash is eyeing a fresh increase above the $450 resistance against the US Dollar.
  • The price is now trading above the $400 zone and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $425 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
  • The pair must clear $435 and $450 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $400 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $435 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a pullback from the $530 zone. BCH traded below the $480 and $450 support levels before the bulls appeared.

A low was formed near $340 before the price started a decent upward move. There was a move above the $380 and $400 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $530 swing high to the $341 low.

There was a break above a key bearish trend line with resistance at $425 on the 4-hour chart of the BCH/USD pair. Bitcoin cash is now trading above the $400 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $435 level or the 50% Fib retracement level of the downward move from the $530 swing high to the $341 low. The first key resistance is near $450. The next major resistance is near $485, above which the price may perhaps gain bullish momentum.

The next major resistance is near the $530 level. Any more gains above $530 could set the pace for a move toward the $550 level or even $565. If not, the price might start another decline.

Immediate support on the downside is near the $400 level. The first major support sits near the $380 level. The next major support is near $340 below which the bears might aim for $320.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading above the $400 zone and the 55 simple moving average (4 hours). Overall, the price must clear $435 and $450 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is 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 – $400 and $380.

Key Resistance Levels – $435 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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