- Bitcoin cash price started a decent increase above the $650 resistance against the US Dollar.
- The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher above the $650 and $680 resistance levels.
Bitcoin cash price is gaining pace above the $600 zone against the US Dollar, similar to bitcoin. BCH/USD must clear $700 for more gains in the near term.
Bitcoin Cash Price Analysis
After forming a base above the $600 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $640 level to move into a positive zone.
The price even broke the $650 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $700 level and traded as high as $715. Recently, there was a downside correction below the $680 and $650 support levels.
The price even spiked below the $625 level, but there was no downside continuation. A low is formed near $619 and the price is back above the 55 simple moving average (4-hours).
There was a break above the 23.6% Fib retracement level of the downward move from the $719 swing high to $619 low. It is now rising and trading above $650. An immediate resistance is near the $667 level. It is close to the 50% Fib retracement level of the downward move from the $719 swing high to $619 low.
The next major resistance could be $675 and $680. Therefore, a clear break above the $680 level might push the price towards the $700 resistance. To continue higher, the price must clear the $700 resistance zone.
The next major resistance is near the $750 level. On the downside, the first major support is near the $640 level. There is also a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH/USD pair.
A downside break below the $635 support zone and $620 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 $620 zone and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $650 and $680 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 – $640 and $620.
Key Resistance Levels – $680 and $700.
