Bitcoin cash price found support above the $500 level and started an upward move against the US Dollar.
Yesterday’s highlighted connecting bearish trend line with resistance at $535 was breached on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is likely to continue higher towards the $560 and $570 levels in the near term.
Bitcoin cash price is placed nicely above the $520 support against the US Dollar. BCH/USD may accelerate towards the $560-570 resistance zone if buyers gain momentum.
Bitcoin Cash Price Analysis
Yesterday, we discussed a consolidation pattern above the $500 support in bitcoin cash price against the US Dollar. The BCH/USD pair formed a decent support above the $500 and $510 levels. Later, the price gained traction and moved above the $525 resistance and the 100 hourly simple moving average. Buyers were successful in clearing the 23.6% Fib retracement level of the downside move from the $590 swing high to $510 swing low.
Additionally, yesterday’s highlighted connecting bearish trend line with resistance at $535 was breached on the hourly chart of the BCH/USD pair. The pair is currently placed nicely above the $530 level and the 100 hourly SMA. The next resistance awaits near $550 and the 50% Fib retracement level of the downside move from the $590 swing high to $510 swing low. Above $550, the next immediate barrier is at $560, which is the 61.8% Fib level. The final target for buyers could the $570 resistance and the pivot level.
Looking at the chart, BCH price is gaining traction after forming the $510 support. As long as the price is above the $520 level, there could be more gains towards the $560 and $570 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 60 level.
Major Support Level – $520
Major Resistance Level – $560