BCH going to rise? Bitcoin Cash Price Analysis 8 Oct

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price exchanged higher as of late and moved over the $515 resistance against the US Dollar.
  • There was a break over a pivotal bearish pattern line with resistance at $512 on the hourly diagram of the BCH/USD pair.
  • The pair is currently set in a positive zone and it could keep on moving higher towards $530 and $540.

Bitcoin cash price is gradually moving higher against the US Dollar. BCH/USD is probably going to proceed higher once purchasers gain force over the $525 level.


Bitcoin Cash Price Analysis

This previous week, there was a critical drawback move beneath the $550 support in bitcoin cash price against the US Dollar. The BCH/USD pair exchanged beneath the $540 and $520 support levels. There was even a spike underneath the $500 level and a low was framed at $498. Afterward, purchasers showed up and drove bitcoin cash price back over the $500 level. Afterward, bitcoin cash price picked up force and moved over the $510 and $515 resistance levels.

There was additionally a break over the 61.8% Lie retracement level of the last decrease from the $523 high to $498 low. All the more critically, there was a break over a vital bearish pattern line with resistance at $512 on the hourly graph of the BCH/USD pair. The pair is currently exchanging pleasantly over the $510 level and the 100 hourly basic moving normal. It exchanged near the $525 resistance and is as of now uniting. On the upside, the following resistance is close $530 and the 1.236 Lie expansion level of the last decay from the $523 high to $498 low. Above $530, bitcoin cash price could exchange towards the $540 level, which is close to the 1.618 Lie expansion.


BCHUSD Price Chart 8 October
BCHUSD Price Chart 8 October


Taking a gander at the diagram, BCH price is currently set pleasantly in a positive zone above $510 and it could test $530 and $540 in the close term.


Taking a gander at the technical markers:

Hourly MACD – The MACD for BCH/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well over the 50 level.

Significant Support Level – $510

Significant Resistance Level – $530

Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.


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