- Bitcoin cash price is facing resistance near the $550 and $560 levels against the US Dollar.
- The price is now close to the $485 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $488 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could either start a fresh increase above $500 or it might dive towards the $425 level.
Bitcoin cash price is slowly moving lower below $500 against the US Dollar, similar to bitcoin. BCH/USD must stay above $485 and $480 to start a fresh increase.
Bitcoin Cash Price Analysis
After forming a base above the $400 level, bitcoin cash price started a fresh increase. BCH broke the $450 resistance zone and the 55 simple moving average (4-hours) to move into a positive zone.
The price was able to climb above the 50% Fib retracement level of the main decline from the $651 swing high to $388 low. There was also a break above the $500 barrier. However, the price is facing resistance near the $550 and $560 levels.
A high was formed near the $550 zone. It seems like the price was rejected near the 61.8% Fib retracement level of the main decline from the $651 swing high to $388 low.
It is now moving lower and it is trading below $500. Besides, the price now close to the $485 zone and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $488 on the 4-hours chart of the BCH/USD pair.
If there is a downside break, the price could dive below $480. An initial support on the downside is near the $460 level. The next major support is near the $450 level, below which bitcoin cash price could dive towards the $420 level.
Conversely, the price could start a fresh increase above the $500 level. The next major resistance is near the $550 level. If there are more gains, the price could even surpass the $580 level in the near term. The next major resistance is near the $600 level.
Looking at the chart, bitcoin cash price is struggling near $485 and the 55 simple moving average (4-hours). Overall, the price could either start a fresh increase above $500 or it might dive towards the $425 level.
Technical indicators
4 hours MACD – The MACD for BCH/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 40 level.
Key Support Levels – $480 and $450.
Key Resistance Levels – $500 and $550.
