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Bitcoin Cash Analysis: Dips Turned Attractive Near $485

Summary:
Bitcoin cash price started a fresh increase above the 0 resistance against the US Dollar.The price climbed above the 5 resistance 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 either rally further above 0 or it might dip sharply below the 5 support.Bitcoin cash price is showing positive signs above 5 against the US Dollar, similar to bitcoin. BCH/USD is likely to accelerate higher once it clears the 0 resistance.Bitcoin Cash Price AnalysisAfter forming a support base near the 0 level, bitcoin cash price started a strong increase. BCH price broke many hurdles near 0 and 5 to move into a positive zone.The upward move

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  • Bitcoin cash price started a fresh increase above the $450 resistance against the US Dollar.
  • The price climbed above the $485 resistance and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $520 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could either rally further above $520 or it might dip sharply below the $485 support.

Bitcoin cash price is showing positive signs above $485 against the US Dollar, similar to bitcoin. BCH/USD is likely to accelerate higher once it clears the $520 resistance.

Bitcoin Cash Price Analysis

After forming a support base near the $400 level, bitcoin cash price started a strong increase. BCH price broke many hurdles near $450 and $455 to move into a positive zone.

The upward move gained pace above the $485 level and the 55 simple moving average (4-hours). The price even cleared the 23.6% Fib retracement level of the key decline from the $4654 high to $398 low. There was a spike above the $500 level, but the price seems to be facing hurdles near $535.

There is also a major bearish trend line forming with resistance near $520 on the 4-hours chart of the BCH/USD pair. The trend line is close to the 50% Fib retracement level of the key decline from the $4654 high to $398 low.

A clear break above the trend line resistance and then $535 could open the doors for a larger increase. In the stated case, the price could surge towards the $550 and $565 levels. Any more losses might call for a test of the $600 level.

On the downside, the price is likely to remain stable above $485 and the 55 simple moving average (4-hours). A downside break below the $485 support may possibly lead the price towards the $450 level. The main support is still near the $400 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly holding gains above $485 and the 55 SMA (H4). Overall, the price could either rally further above $520 or it might dip sharply below the $485 support.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level.

Key Support Levels – $485 and $450.

Key Resistance Levels – $520 and $550.

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