Bitcoin Cash Price Key Focuses

  • Bitcoin cash price stayed in a positive zone and is at present over the $500 support against the US Dollar.
  • There is a critical bearish pattern line set up with resistance at $540 on the hourly diagram of the BCH/USD pair (information feed from Kraken).
  • The pair needs to exchange over the $550 resistance and the 100 hourly straightforward moving regular to pick up footing.

Bitcoin cash price is at present uniting above $500 against the US Dollar. BCH/USD must outperform the 100 hourly SMA to exchange to another week by week high.

Bitcoin Cash Price Analysis

There were generally positive moves over the $500 level in bitcoin cash price against the US Dollar. The BCH/USD pair as of late redressed bring down in the wake of exchanging towards the $600 level. It exchanged as low as $509 and later began combining. It exchanged over the 23.6% Lie retracement level of the last decay from the $591 high to $509 low. In any case, the upside move was topped by the $550 resistance zone.

All the more essential, there is a critical bearish pattern line set up with resistance at $540 on the hourly outline of the BCH/USD pair. The pair additionally neglected to clear the half Lie retracement level of the last decrease from the $591 high to $509 low. Moreover, the 100 hourly necessary moving regular is additionally situated close to the $540 level. In this manner, the $540 and $550 levels are vital obstacles for purchasers. Over these, bitcoin cash price will in all probability exchange towards the $590 and $600 levels in the close term. On the drawback, the critical support is at $510.

BCHUSD Price Chart 1 October

Taking a gander at the graph, Bitcoin cash price is endeavoring to outperform the pattern line, $540, and the 100 hourly SMA. In any case, purchasers are attempting to pick up energy. In this way, there could be a minor drawback response before BCH price breaks $550.

Taking a gander at the technical markers:

Hourly MACD – The MACD for BCH/USD is gradually moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is as of now close to the 50 level.

Significant Support Level – $510

Significant Resistance Level – $550

Layla Harding

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