- Bitcoin cash price is recovering from the $400 support zone against the US Dollar.
- The price is still well below $550 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $500 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair could start a major increase if it clears the $500 resistance and then the 55 SMA.
Bitcoin cash price is slowly moving higher above $450 against the US Dollar, similar to bitcoin. BCH/USD could recover further if it breaks the $500 barrier.
Bitcoin Cash Price Analysis
There was a major decline in bitcoin cash price from well above the $600 level. BCH broke the $500 support level and the 55 simple moving average (4-hours) to move into a bearish zone.
There was also a break below the $400 level. The price traded as low as $388 and it recently started an upside correction. There was a break above the $450 level. The price traded above the 23.6% Fib retracement level of the key decline from the $650 swing high to $388 low.
The price even climbed above the $480 level. However, it failed to clear the $500 resistance level. There is also a major bearish trend line forming with resistance near $500 on the 4-hours chart of the BCH/USD pair.
The next major resistance is near the $540 level and the 55 simple moving average (4-hours). If there are more gains, the price could even surpass the $550 barrier in the near term. The next major resistance is near the $600 level.
An initial support on the downside is near the $480 level. The next major support is near the $450 level, below which bitcoin cash price could dive towards the $420 level. Conversely, a clear break above $500 is must to start a steady increase towards $550 or even higher.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is clearly trading below $550 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it clears the $500 resistance and then the 55 SMA.
Technical indicators
4 hours MACD – The MACD for BCH/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is near the 50 level.
Key Support Levels – $450 and $400.
Key Resistance Levels – $500 and $550.
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Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-bulls-eye-upside-break-above-500/
