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Bitcoin Cash Analysis: Key Support Nearby At $610

  • Bitcoin cash price started a major increase above the $600 zone against the US Dollar.
  • The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is consolidating gains and it could eye more upsides above $640 and $650.

Bitcoin cash price is showing positive signs above $620 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $600.

Bitcoin Cash Price Analysis

Bitcoin cash price started a major increase from the $550 zone. BCH broke the $600 resistance level and the 55 simple moving average (4-hours).

The price settled above the $620 level and surpassed the $640 level. A high was formed near $655 and it is now correcting gains.  There was a break below the $640 support level. The price is now testing the 50% Fib retracement level of the recent wave from the $590 swing low to $655 high.

An initial support is near the $625 level. The first major support is near the $620 level and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair.

The trend line is close to the 61.8% Fib retracement level of the recent wave from the $590 swing low to $655 high. The next major support is near the $600 level, below which the bears might aim a test of $550.

An immediate resistance is near the $640 level. The next major resistance could be $650. The main breakout zone is near the $655 level. A clear break above $650 and $655 might spark a fresh rally. In the stated case, the price could rise towards the $700 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $620 zone and the 55 simple moving average (4-hours). Overall, the price is consolidating gains and it could eye more upsides above $640 and $650.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.

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Key Support Levels – $620 and $600.

Key Resistance Levels – $640 and $655.

Tags: BCH, Bitcoin Cash
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Source: https://www.livebitcoinnews.com/bitcoin-cash-analysis-key-support-nearby-at-610/

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