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technical analysis bitcoin cash

Bitcoin Cash Price Analysis: BCH/USD Upsides Capped Near $620

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin cash price attempted a recovery above the $600 level against the US Dollar.
  • There is a short-term ascending channel formed with support at $590 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair could move higher if it holds the $590 support and breaks the $620 resistance.

Bitcoin cash price is consolidating with tiny recoveries against the US Dollar. BCH/USD must break the $620 resistance to recover towards $650.

Bitcoin Cash Price Support

After trading as low as $656, bitcoin cash price started a minor upside move above $570 against the US Dollar. The BCH/USD pair managed to move above the $580 and $600 resistance levels. It also succeeded in breaking the 23.6% Fib retracement level of the last major drop from the $710 high to $565 low. However, the upside move faced a strong resistance near the $620 level.

The price is currently moving lower and is trading below the $600 level. It also broke the 23.6% Fib retracement level of the recent wave from the $565 low to $620 high. On the downside, there is a decent support formed near the $585-590 zone. Moreover, there is a short-term ascending channel formed with support at $590 on the hourly chart of the BCH/USD pair. The pair remains supported on dips near the $590, below which, sellers could gain control. The last low at $565 must hold declines if the price extends declines. If not, the next stop for sellers could be near the $550 level.

Bitcoin Cash Price Analysis BCH USD

Looking at the chart, BCH price is showing a few positive signs above $590. However, a proper hourly close above the $620 resistance is needed for more gains. The next resistance above $620 is positioned near the $650 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is dipping below the 50 level.

Major Support Level – $590

Major Resistance Level – $620

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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