The Bitcoin Cash price began a significant increase over the resistance of $475. BCH may be consolidating its gains and aim higher than the $500 resistance.
- Bitcoin Cash price has started to rise above $480.
- Price trading is higher than $480, and above the 100 hour simple moving average.
- On the hourly chart for the BCH/USD, there was a breakout above the key trendline with resistance of $472 (data from Kraken).
- If the pair clears $500, it could begin another rise.
Bitcoin Cash Prices Start a New Surge
Bitcoin Cash prices started to rise again after they formed a solid base over $440. BCH is outpacing Bitcoin The following are some examples of how to get started: Ethereum Gaining over 8%. A clear movement was seen above the $470 support zone.
Even though the price was above $480 it tested the resistance level of $495. On the hourly BCH/USD chart, the price broke above the key trendline with resistance of $472. Near $505, a new high has been formed and now the price consolidates gains over the 23,6% Fib Retracement Level of the upward movement from the $455 low swing to the $502 top.
Bitcoin Cash is currently trading at a price above the 100 hour simple moving average and $485. The immediate resistance to the upside is near $500. The price could rise if the resistance level of $500 is broken. Above $505, the next significant resistance, the price could accelerate upwards towards the $520 mark. Any additional gains may lead to the $535 level.
Are Dips Supported In BCH?
Bitcoin Cash could begin a new decline if it fails to break through the $500 barrier. On the downside, initial support is located near the $490 mark. Near the Fib 50% retracement of the uptrend from the swing low at $455 to the highs at $502, the next significant support level is around the $480 mark.
The price may test $470 if it fails to hold above $480. In the short term, any further declines could push the price towards the $450 area.
Tech indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 60 level.
Key Support Levels – $490 and $480.
Key Resistance Levels – $500 and $505.
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Source: www.newsbtc.com
