Bitcoin Cash has been rising gradually for the last few trading sessions. The price is firmly above the $550 level in the bullish territory. A significant bullish trendline has formed with support at $560 and the Bitcoin Cash to USD pair is getting set to break the resistances at $590 and $600 soon. If the price breaks the $600 level, it will move above it. It is above the 100 hourly simple moving average and $550 support level.
Bitcoin Cash To USD Price Analysis For August 20th
The Bitcoin Cash to USD price charts show that there was a downward correction from the $612 level to the $600 and even the $590 level. The price decline was capped at $540 and $550. These levels served as support zones that prevented more declines. A low was later formed at $537 before the price resumed the upward movement again trading above the 38.2% Fibonacci retracement level of the last slope from $612 to $537.
Bitcoin Cash (BCH) Price Today – BCH / USD
The Bitcoin Cash to USD pair moved above $570 and started consolidating below the $590 to $600 level. It is currently testing the 50% Fibonacci retracement level of the last slope from $612 to $537. As soon as Bitcoin Cash gains momentum to move above $590, it will most likely move above $600 and open the way for more gains. Above this level, the price of Bitcoin cash may go as high as $612. According to the one hour price chart, there is a downside trend line that has formed support around $560. Apart from this, a strong support has been formed around the $540 and $550 levels and above the 100 hourly SMA.
Technical Analysis For The Bitcoin Cash To USD Trading Pair
The technical charts show that the Bitcoin Cash to USD trading pair has found strong support above $540 and it is going to accumulate more gains above $600 should it break this level. The relative strength index is above 50 and the MACD on the hourly chart is entering into the bullish territory slowly. The significant support is around $540 while the significant resistance is around $590. This is according to the price analysis of Aayush Jindal on Newsbtc.