HomeAltcoin NewsBitcoin Cash Analysis: Key Support Nearby At $610

Bitcoin Cash Analysis: Key Support Nearby At $610

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  • Bitcoin cash price started a major increase above the $600 zone against the US Dollar.
  • The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is consolidating gains and it could eye more upsides above $640 and $650.

Bitcoin cash price is showing positive signs above $620 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $600.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major increase from the $550 zone. BCH broke the $600 resistance level and the 55 simple moving average (4-hours).

The price settled above the $620 level and surpassed the $640 level. A high was formed near $655 and it is now correcting gains.  There was a break below the $640 support level. The price is now testing the 50% Fib retracement level of the recent wave from the $590 swing low to $655 high.

An initial support is near the $625 level. The first major support is near the $620 level and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair.

The trend line is close to the 61.8% Fib retracement level of the recent wave from the $590 swing low to $655 high. The next major support is near the $600 level, below which the bears might aim a test of $550.

An immediate resistance is near the $640 level. The next major resistance could be $650. The main breakout zone is near the $655 level. A clear break above $650 and $655 might spark a fresh rally. In the stated case, the price could rise towards the $700 level.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $620 zone and the 55 simple moving average (4-hours). Overall, the price is consolidating gains and it could eye more upsides above $640 and $650.

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 – $620 and $600.

Key Resistance Levels – $640 and $655.

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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