Bitcoin Cash Price Analysis: BCH/USD back in a positive zone.

Bitcoin Cash Price Key Focuses

  • Bitcoin cash price expanded gains and moved over the $560 and $570 levels against the US Dollar.
  • There are two bullish pattern lines framed with help at $555 and $535 on the hourly graph of the BCH/USD match (information feed from Kraken).
  • The match is as of now remedying lower from the $575 high and it could test the $550 bolster.

Bitcoin cash price returns in a positive zone above $550 against the US Dollar. BCH/USD is probably going to expand gains once it finishes the present revision.

Bitcoin Cash Price Pattern

Recently, we saw an OK upside move over the $530 resistance level in bitcoin cash price against the US Dollar. Afterward, the BCH/USD combine broadened gains and exchanged over the $550 and $560 resistance levels. The upside move was solid as bitcoin cash price exchanged as high as $575. Afterward, bitcoin cash price began a drawback move and declined underneath $570. There was likewise a break underneath the 23.6% Lie retracement level of the last leg from the $525 low to $575 high.

Be that as it may, there are numerous backings on the drawback close to the $550 level. An underlying help is close $555, which is likewise a turn zone. Also, there are two bullish pattern lines framed with help at $555 and $535 on the hourly graph of the BCH/USD match. Beneath the primary pattern line, the half Lie retracement level of the last leg from the $525 low to $575 high is at $550. In this way, the $550 and $555 levels are probably going to go about as solid backings if bitcoin cash price adjusts bring down further.

BCHUSD Price Chart 29 August
BCHUSD Price Chart 29 August

Taking a gander at the chart, Bitcoin Cash price is at present withdrawing from highs, however plunges stay upheld close $550. On the upside, the $575 and $580 levels are critical obstacles for purchasers in the close term.

Taking a gander at the specialized markers:

Hourly MACD – The MACD for BCH/USD is gradually moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is moving lower towards the 50 level.

Significant Help Level – $550

Significant Resistance Level – $575

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