HomeAltcoin NewsBitcoin Cash Analysis: Recovery Above $660 Seems Possible

Bitcoin Cash Analysis: Recovery Above $660 Seems Possible

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  • Bitcoin cash price started an upside correction from the $600 zone against the US Dollar.
  • The price is now trading near the $650 zone and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $640 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to rise if it clears the $650 and $660 resistance levels.

Bitcoin cash price is eyeing recovery above $660 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline if it fails to clear $660.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major decline from well above $720. BCH broke the $700 support level and the 55 simple moving average (4-hours) to move into a bearish zone.

It even traded below $650 and spiked below $600. A low was formed near $584 before the price started an upside correction. There was a break above the 23.6% Fib retracement level of the downward move from the $805 swing high to $582 low.

There was also a break above a key bearish trend line with resistance near $640 on the 4-hours chart of the BCH/USD pair. The pair is now trading near the $650 zone and the 55 simple moving average (4-hours).

It is now facing a strong resistance near the $650 zone. The next major resistance could be $660. The main breakout zone is near the $700 level. It is close to the 50% Fib retracement level of the downward move from the $805 swing high to $582 low.

A clear break above $660 and $700 might trigger a sharp upward move. On the downside, an initial support is near the $625 level. A downside break below the $625 support zone could open the doors for a fresh decline. The next major support is near the $600 level, below which the bears might aim a test of $550.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading near the $650 zone and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it clears the $650 and $660 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 – $625 and $600.

Key Resistance Levels – $660 and $700.

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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