32 C
Dubai
Friday, May 24, 2024
HomeAltcoin NewsBitcoin Cash Analysis: Key Support Near $550

Bitcoin Cash Analysis: Key Support Near $550

Date:

Related stories

  • Bitcoin cash price started a major increase above the $550 zone against the US Dollar.
  • The price is now trading above the $550 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $580 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is correcting gains, but dips could be limited below the $550 level.

Bitcoin cash price is showing positive signs above $550 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $550.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major increase from the $470 zone. BCH broke the $550 resistance level and the 55 simple moving average (4-hours).

The price settled above the $550 level and surpassed the $600 level. A high was formed near $636 and it is now correcting gains. The price declined below the $610 level. It declined below the 23.6% Fib retracement level of the upward move from the $530 swing low to $638 high.

On the downside, an initial support is near the $580 level. There is also a key bullish trend line forming with support near $580 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 $530 swing low to $638 high. A downside break below the $580 support zone could open the doors for a fresh decline. The next major support is near the $550 level, below which the bears might aim a test of $500.

An immediate resistance is near the $620 level. The next major resistance could be $640. The main breakout zone is near the $650 level. A clear break above $640 and $650 might trigger a sharp upward move.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $580 zone and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards the main $640 and $650 resistance levels in the near term.

Technical indicators

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

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

Key Support Levels – $580 and $550.

Key Resistance Levels – $640 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