Bitcoin Cash Price Analysis: BCH/USD Recovering, Could Test $550

Key Points


Bitcoin cash price is recovering after finding buyers around the $475 level against the US Dollar.
There was a break above a short-term contracting triangle with resistance at $490 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is trading with positive signs, but it is approaching key resistances near $535 and $550.

Bitcoin cash price started a short-term correction above $500 against the US Dollar. BCH/USD could trade higher, but it is likely to face sellers near $550.

Bitcoin Cash Price Resistance

Recently, we saw a nasty decline in bitcoin cash price below the $500 support level against the US Dollar. The BCH/USD pair traded towards the $470 level and formed a low near $472. Later, a short-term recovery wave was initiated and the price moved above the $480 and $490 resistance levels. It also broke the 23.6% Fib retracement level of the last decline from the $593 high to $472 low.

Moreover, there was a break above a short-term contracting triangle with resistance at $490 on the hourly chart of the BCH/USD pair. The price is currently trading above the $500 resistance, but it is approaching a few important resistances near $550. An initial resistance is the 50% Fib retracement level of the last decline from the $593 high to $472 low at $532. Above this, the last support at $550 is likely to act as a resistance. Finally, the 100 hourly simple moving average is positioned near the $550 level to prevent gains. Therefore, it wont be easy for BCH buyers to clear the $540-550 resistance zone.

Looking at the chart, BCH price is showing a few positive signs above $500. However, there are many hurdles on the upside near $550 to stop the current correction.

Looking at the technical indicators:

Hourly MACD The MACD for BCH/USD has moved back in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BCH/USD is now well above the 50 level.

Major Support Level $500

Major Resistance Level $550

The post Bitcoin Cash Price Analysis: BCH/USD Recovering, Could Test $550 appeared first on NewsBTC.

14.08.2018 / 21:15 56
Bitcoin Cash Price Analysis: BCH/USD Could Recover To $740 Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price found support near the $684 level and started a recovery against the US Dollar. There was a break above a short-term
Ethereum Price Analysis: ETH/USD Could Break Higher Ethereum Price Analysis: ETH/USD Could
Key Highlights ETH price is positioned nicely above the $438.00 and $435.00 support levels against the US Dollar. There is a key contracting triangle
Bitcoin Cash Price Analysis: BCH/USD Accelerating Declines Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price is under pressure and is currently trading below $920 against the US Dollar. There is a short-term bearish trend line
Bitcoin Cash Price Analysis: BCH/USD Facing Uphill Task Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price found support near the $1,220 level and recovered slightly against the US Dollar. There is a short-term bearish trend
Bitcoin Cash Price Technical Analysis  BCH/USD Struggling Near $1,500 Bitcoin Cash Price Technical Analysis
Key Points Bitcoin cash price recovered recently, but it struggled to break the $1,500 resistance against the US Dollar. There was a break below a
Bitcoin Cash Price Technical Analysis  BCH/USD to Trade Higher Bitcoin Cash Price Technical Analysis
Key Points Bitcoin cash price is recovering and is currently trading above $1,100 against the US Dollar. There was a break above a major contracting
Comments (0)
Add a comment
Comment on