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Home Technical analysis

Bitcoin Cash Price Analysis: BCH/USD Could Recover Towards $500

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin cash
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Key Points

  • Bitcoin cash price started an upside correction and moved above the $450 resistance against the US Dollar.
  • There was a break above this week’s followed key bearish trend line near $445 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair climbed above the $450 and $460 levels and it may continue to trade higher towards $500.

Bitcoin cash price recovered nicely from the $410 low against the US Dollar. BCH/USD is likely to recover further towards the $480 and $500 levels.

Bitcoin Cash Price Recovery

Yesterday, we discussed how bitcoin cash price is struggling to break the $440 and $450 resistances against the US Dollar. Later, the BCH/USD pair managed to gain traction and moved above the $450 resistance. The upside move was strong as the price broke the 61.8% Fib retracement level of the last slide from the $478 high to $410 low. The price even settled above $450 and the 100 hourly simple moving average.

More importantly, there was a break above this week’s followed key bearish trend line near $445 on the hourly chart of the BCH/USD pair. The pair traded as high as $475 and it is currently correcting lower. It already tested the 23.6% Fib retracement level of the recent wave from the $410 low to $475 high. On the downside, there are many supports around the $450 level. The stated $450 level was a resistance earlier and now it could provide support along with the 100 hourly SMA. Below $450, the 50% Fib retracement level of the recent wave from the $410 low to $475 high is at $443.

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Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is placed nicely above the $445-450 zone and it could continue to move higher towards $480-500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned nicely above the 60 level.

Major Support Level – $450

Major Resistance Level – $480

Tags: BCHBCHUSDBitcoin Cash AnalysisBitcoin Cash ChartBitcoin Cash ForecastBitcoin Cash PriceblockchaindaytradingOpiniontradingvirtual currency
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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