The value of Bitcoin Cash (BCH) is gradually correcting higher after testing the low of $475 against the U.S. dollar. The digital currency recently tested a new monthly low, however, it has started a short-term correction over the $500 level. The value of the digital currency could correct higher, but it is likely to encounter resistance close to the $550 mark.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is currently trading at $513 after an increase of about 4 percent over the past twenty-four hours. BCH has a market cap of $8.95 billion and a trading volume of $399.15 million over the past twenty-four hours.
Bitcoin Cash (BCH) Recent Price Trend And Analysis
Recently, the value of Bitcoin Cash (BCH) declined significantly beneath the support at the $500 level against the U.S. dollar. The value of the coin declined towards the $470 mark and formed a new low close to the $472 mark. Later, it started a near-term consolidation wave and the value of the coin surged over the resistance at the $480 and $490 mark.
The value of the coin also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $593 to the low of $472. Also, there was a break over the near-term contracting triangle with hurdle at the $490 mark.
The price of Bitcoin Cash (BCH) recently broke over the resistance at the $500 mark, and it is currently heading to a couple of crucial hurdles close to the $550 mark. An initial hurdle is the 50 percent Fibonacci retracement level of the previous swing from the high of $593 to the low of $472 at $532.
Over this level, the previous support of the coin at $550 is likely to act as a key hurdle. Finally, the 100-hourly simple moving average (SMA) is positioned close to the $550 mark to hold gains. Hence, it will be difficult for buyers to clear the resistance at the $540 to $550 levels.
According to the chart, the price of the digital currency is showing a couple of positive signs over the $500. Nevertheless, there are a lot of resistance on the upside close to the $550 to stop the present correction.