Bitcoin Cash (BCH) Takes A Swing For The Better Bouncing Back Above A Significant Resistance 

The price of Bitcoin Cash found support around $500 and $510. After this, it bounced back against the USD breaking a significant bearish trendline that had resistance around $545. Bitcoin Cash gained momentum after breaking the bearish trendline and it is most likely going to revisit the $600 level soon. The price of Bitcoin Cash formed a base around $500. It is showing positive signs proving that it may test the $580 and $600 levels soon.

Bitcoin Cash (BCH) Against The USD

After the price of Bitcoin Cash declined significantly, it found support around $500 and $510. The Bitcoin Cash to USD trading pair found support near $500 and $510 but formed a low below $509 before it started moving upward. The Bitcoin Cash to USD trading pair traded higher after this breaking the resistances at $520 and $530. It also broke the 38.2% Fibonacci retracement level of the last slope from $611 to $509.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$8,738.23-0.31%
bitcoin-cash
Bitcoin Cash
$286.69-1.04%

Also, on the hourly chart, the price of Bitcoin Cash broke above a significant bearish trendline that has resistance at $545. It gained enough momentum to break the 100 hourly SMA and the $550 support level. Currently, the Bitcoin Cash to USD trading pair is positive above the $550 level. If it is to accumulate more gains, it would need to close above the 50% Fibonacci retracement level of the last slope from $611 to $509. Above $560 and $570, the price of Bitcoin Cash will move up and the next resistance will be at $580 and $600.

Bitcoin Cash (BCH) Technical Analysis

From the price charts, Bitcoin Cash will most likely keep moving higher as long as buyers remain active above $560. A downside swing will lead to the formation of support at $540 and $530. The relative strength index is above 50 in the bullish territory and the MACD on the hourly chart is in the bullish territory. The significant support is at $540 and the significant resistance is at $570.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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