- Bitcoin money worth remained in a optimistic zone and is presently above the $500 assist in opposition to the US Greenback.
- There’s a key bearish development line in place with resistance at $540 on the hourly chart of the BCH/USD pair (knowledge feed from Kraken).
- The pair must commerce above the $550 resistance and the 100 hourly easy transferring common to achieve traction.
Bitcoin money worth is presently consolidating above $500 in opposition to the US Greenback. BCH/USD should surpass the 100 hourly SMA to commerce to a brand new weekly excessive.
Bitcoin Cash Price Evaluation
There have been largely optimistic strikes above the $500 stage in bitcoin money worth in opposition to the US Greenback. The BCH/USD pair not too long ago corrected decrease after buying and selling in direction of the $600 stage. It traded as little as $509 and later began consolidating. It traded above the 23.6% Fib retracement stage of the final decline from the $591 excessive to $509 low. Nonetheless, the upside transfer was capped by the $550 resistance zone.
Extra importantly, there’s a key bearish development line in place with resistance at $540 on the hourly chart of the BCH/USD pair. The pair additionally didn’t clear the 50% Fib retracement stage of the final decline from the $591 excessive to $509 low. Moreover, the 100 hourly easy transferring common can be positioned close to the $540 stage. Due to this fact, the $540 and $550 ranges are vital hurdles for consumers. Above these, the value will probably commerce in direction of the $590 and $600 ranges within the close to time period. On the draw back, the important thing assist is at $510.
Wanting on the chart, BCH worth is trying to surpass the development line, $540, and the 100 hourly SMA. Nonetheless, consumers are struggling to achieve momentum. Due to this fact, there might be a minor draw back response earlier than the value breaks $550.
Wanting on the technical indicators:
Hourly MACD – The MACD for BCH/USD is slowly transferring into the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BCH/USD is presently close to the 50 stage.
Main Assist Stage – $510
Main Resistance Stage – $550