Bitcoin Cash Price Analysis: BCH/USD Eyeing Gains Above $525

Key Factors

  • Bitcoin money value traded greater just lately and moved above the $515 resistance towards the US Greenback.
  • There was a break above a vital bearish pattern line with resistance at $512 on the hourly chart of the BCH/USD pair (information feed from Kraken).
  • The pair is now positioned in a optimistic zone and it may proceed to maneuver greater in the direction of $530 and $540.

Bitcoin money value is slowly shifting greater towards the US Greenback. BCH/USD is more likely to proceed greater as soon as patrons acquire momentum above the $525 stage.

Bitcoin Cash Price Evaluation

This previous week, there was a big draw back transfer under the $550 help in bitcoin money value towards the US Greenback. The BCH/USD pair traded under the $540 and $520 help ranges. There was even a spike under the $500 stage and a low was shaped at $498. Later, patrons appeared and pushed the value again above the $500 stage. Later, the value gained momentum and moved above the $510 and $515 resistance ranges.

There was additionally a break above the 61.eight% Fib retracement stage of the final decline from the $523 excessive to $498 low. Extra importantly, there was a break above a vital bearish pattern line with resistance at $512 on the hourly chart of the BCH/USD pair. The pair is now buying and selling properly above the $510 stage and the 100 hourly easy shifting common. It traded near the $525 resistance and is at present consolidating. On the upside, the following resistance is close to $530 and the 1.236 Fib extension stage of the final decline from the $523 excessive to $498 low. Above $530, the value may commerce in the direction of the $540 stage, which is close to the 1.618 Fib extension.

Trying on the chart, BCH value is now positioned properly in a optimistic zone above $510 and it may check $530 and $540 within the close to time period.

Trying on the technical indicators:

Hourly MACD – The MACD for BCH/USD is again within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BCH/USD is effectively above the 50 stage.

Main Help Stage – $510

Main Resistance Stage – $530

About Tom Greenly

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