- Bitcoin cash price is slowly moving higher and is currently trading above the $500 support against the US Dollar.
- There is key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair is likely to move higher and it could break the $540 resistance for more gains.
Bitcoin cash price is preparing for the next break above $535-540 against the US Dollar. BCH/USD remains supported on dips near $515 and $500.
Bitcoin Cash Price Resistance
There was a slow and steady rise initiated from the $471 low in bitcoin cash price against the US Dollar. The BCH/USD pair climbed higher and managed to settle above the $500 resistance level. There was also a break above the 38.2% Fib retracement level of the last key decline from the $594 swing high to $470 swing low. However, the price is currently facing a crucial hurdle on the upside near the $535-540 zone.
Moreover, the 61.8% Fib retracement level of the last key decline from the $594 swing high to $470 swing low is near $546 to act as a resistance. Therefore, a break above the $540 and $546 resistances could open the doors for more gains in the near term. Above $546, the price may perhaps move towards the $565 and $570 levels. On the downside, there is a key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair. The trend line support is important, below which, the price may revisit the $500 support.
Looking at the chart, BCH price is placed nicely for more upsides above the $500 support. However, a break above $540 is must for an upside acceleration.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is mostly positive in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently above the 50 level.
Major Support Level – $500
Major Resistance Level – $540