Bitcoin Cash Price Analysis: BCH Bulls in attack mode

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price moved higher as of late and broke the $550 resistance against the US Dollar.
  • There is a noteworthy bullish pattern line-shaped with support at $522 on the hourly chart of the BCH/USD pair (information feed from Kraken).
  • The pair could rectify additionally lower, however, it is probably going to discover offers close $520 in the close term.

Bitcoin cash price energized as of late above $500 against the US Dollar. BCH/USD is presently in an uptrend and plunges stay supported on the drawback.

 

Bitcoin Cash Price Analysis

We examined the odds of bitcoin cash price outperforming the $500 obstruction against the US Dollar. The BCH/USD pair traded higher and broke numerous resistances close to the $550 level. It exchanged near the $600 level and framed a high at $589. Afterward, BCH price began a drawback redress and declined beneath $560. There was a break beneath the 23.6% Lie retracement level of the ongoing wave from the $456 low to $489 high.

There are numerous supports on the drawback close $520. All the more essential, there is a noteworthy bullish pattern line framed with support at $522 on the hourly chart of the BCH/USD pair. The pattern line is near the half Lie retracement level of the ongoing wave from the $456 low to $489 high. In this way, if the pair keeps on moving down, it is probably going to discover offers close $520 in the close term. On the off chance that there is a break underneath the $520 zone, the following support is close to the $500 handle.

 

BCHUSD 5 day chart
BCHUSD 5 day chart

 

Taking a gander at the chart, BCH price is obviously put in an uptrend over the $500 handle. For the time being, there could be remedial moves previously the following rally above $560 and $580.

 

Taking a gander at the technical pointers:

Hourly MACD – The MACD for BCH/USD moved back in the bearish zone.

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

Support Level – $520

Resistance Level – $580

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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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