Bitcoin Cash Price Analysis: BCH/USD Rallies Above Key Resistance

Key Factors

  • Bitcoin money worth made a strong upward transfer and traded above the $500 barrier in opposition to the US Greenback.
  • Yesterday’s highlighted essential bearish pattern line was breached with resistance at $442 on the hourly chart of the BCH/USD pair (information feed from Kraken).
  • The pair is now positioned properly in a bullish zone above the $500 and $510 assist ranges.

Bitcoin money worth gained traction and rallied above $500 in opposition to the US Greenback. BCH/USD is consolidating and stays supported for extra features.

Bitcoin Cash Price Evaluation

There was a strong shopping for curiosity emerged across the $450 degree in bitcoin money worth in opposition to the US Greenback. The BCH/USD pair began an upward transfer and traded above the $460 and $470 resistance ranges. The worth motion was optimistic as the value gained greater than 20% and settled above the 100 hourly easy transferring common. The rally was such that the value broke the $500 barrier.

Extra importantly, the upward transfer was initiated after yesterday’s highlighted essential bearish pattern line was breached with resistance at $442 on the hourly chart of the BCH/USD pair. The pair traded as excessive as $550 and later began a draw back correction. It moved under the 23.6% Fib retracement degree of the final wave from the $425 low to $550 excessive. Nevertheless, downsides have been contained the by the $500 degree. The talked about $500 degree was a resistances earlier and now it’s performing as a assist. Under this, the following main assist is close to $485. It represents the 50% Fib retracement degree of the final wave from the $425 low to $550 excessive.

Wanting on the chart, BCH worth is buying and selling properly with a bullish bias above the $500 degree. So long as the value is above $485 and $500, there might be extra features.

Wanting on the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly decreasing its bullish slope.

Hourly RSI (Relative Energy Index) – The RSI for BCH/USD is nicely above the 55 degree.

Main Help Stage – $500

Main Resistance Stage – $550

About Tom Greenly

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