Bitcoin cash price is recovering from the 0 support zone against the US Dollar. The price is still well below 0 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near 0 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase). The pair could start a major increase if it clears the 0 resistance and then the 55 SMA. Bitcoin cash price is slowly moving higher above 0 against the US Dollar, similar to bitcoin. BCH/USD could recover further if it breaks the 0 barrier. Bitcoin Cash Price Analysis There was a major decline in bitcoin cash price from well above the 0 level. BCH broke the 0 support level and the 55 simple moving average (4-hours) to move into a bearish zone. There was also
Topics:
Aayush Jindal considers the following as important: Altcoin News, bch, Bitcoin Cash, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- Bitcoin cash price is recovering from the $400 support zone against the US Dollar.
- The price is still well below $550 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $500 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a major increase if it clears the $500 resistance and then the 55 SMA.
Bitcoin cash price is slowly moving higher above $450 against the US Dollar, similar to bitcoin. BCH/USD could recover further if it breaks the $500 barrier.
Bitcoin Cash Price Analysis
There was a major decline in bitcoin cash price from well above the $600 level. BCH broke the $500 support level and the 55 simple moving average (4-hours) to move into a bearish zone.
There was also a break below the $400 level. The price traded as low as $388 and it recently started an upside correction. There was a break above the $450 level. The price traded above the 23.6% Fib retracement level of the key decline from the $650 swing high to $388 low.
The price even climbed above the $480 level. However, it failed to clear the $500 resistance level. There is also a major bearish trend line forming with resistance near $500 on the 4-hours chart of the BCH/USD pair.
The next major resistance is near the $540 level and the 55 simple moving average (4-hours). If there are more gains, the price could even surpass the $550 barrier in the near term. The next major resistance is near the $600 level.
An initial support on the downside is near the $480 level. The next major support is near the $450 level, below which bitcoin cash price could dive towards the $420 level. Conversely, a clear break above $500 is must to start a steady increase towards $550 or even higher.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly trading below $550 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it clears the $500 resistance and then the 55 SMA.
Technical indicators
4 hours MACD – The MACD for BCH/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.
Key Support Levels – $450 and $400.
Key Resistance Levels – $500 and $550.