HomeAltcoin NewsBitcoin Cash Analysis: Trading Near Crucial Juncture Above $480

Bitcoin Cash Analysis: Trading Near Crucial Juncture Above $480

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  • 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.

Bitcoin Cash Price
Bitcoin Cash Price

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.

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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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