Hourly RSI is below the 50 level.
Hourly MACD is in the bearish zone for BCH/USD
Major Support Level: $500
Major resistance Level: $520
Key Points:
- BCH price is still struggling to break the $530 and $540 levels.
- A significant resistance level between $515 and $520 could not be broken.
- BCH price is at risk to drop below $500 support level.
At press time, Bitcoin Cash price is trading at $514 against the US dollar.
Bitcoin Cash Price Analysis
BCH price is at risk to move below the $500 support level. BCH/USD pair has remained in the bearish zone, and although it tried to break the resistance level of $530, it failed. A low was formed yesterday at the level near $495, breaking the $500 level temporarily, but the price was soon pushed back to above $500.
If the price of BCH is successful in breaking the $525-$530, the price can move up, but it is unlikely. The 50% Fibonacci retracement level of the last fall from $560 to $494 has also prevented gains.
All in all, the bearish trend continues today as long as key resistance levels of $520, $530 are not broken.
Taking a look at the chart for BCH/USD, we can see a lot of pressure under the $510 level.
