Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $510

Key Factors

  • 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

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