Bitcoin Cash Analysis: Bulls Struggle Near $650

Bitcoin cash price is showing positive signs above $600 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $575.

Bitcoin Cash Price Analysis

Bitcoin cash price gained pace after there was a close above $575. As a result, BCH climbed above the $600 resistance and the 55 simple moving average (4-hours).

There was a clear break above the 23.6% Fib retracement level of the downward move from the $731 swing high to $543 low. Besides, there was a break above a major bearish trend line with resistance near $600 the 4-hours chart of the BCH/USD pair.

The pair surpassed the $620 resistance level. However, the price is now facing resistance near the $635 level. It is near the 50% Fib retracement level of the downward move from the $731 swing high to $543 low.

The price is now trimming gains, but it is still above the $600 zone and the 55 simple moving average (4-hours). An initial support is near the $600 level. The first major support is near the $580 level and the 55 SMA.

A downside break below the $580 and $575 support levels might start a major decline. The next major support is near the $550 level, below which the bears might aim a test of $500. Any more downsides might lead the price towards the $450 level.

An immediate hurdle on the upside is near the $620 level. The main hurdle is forming near the $635 level. A clear break above $635 and $650 might spark a fresh rally. In the stated case, the price could rise towards the $750 level. An intermediate resistance might be near the $720 level.

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $600 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $650 for a sustained move higher towards $750.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.

Key Support Levels – $600 and $575.

Key Resistance Levels – $635 and $650.

Source: Read Full Article