Bitcoin Cash (BCH) Trades Over The $540 Mark To Show Signs Of Bullish Presence

The value of Bitcoin Cash (BCH) surged higher and broke two major hurdles at the $530 and $540 marks against the U.S dollar. Bitcoin Cash (BCH) is currently gaining bullish traction over the $540 mark against the USD. If the coin corrects lower, it will find support close to the $540 and $530 marks.

Bitcoin Cash (BCH) Price Today – BCH / USD [ccpw id=”17318″]

At the time of writing, Bitcoin Cash (BCH) is changing hands at $548 after an increase of more than three percent over the past twenty-four hours. The fourth largest digital currency in the world currently boasts of a market cap of $9.44 billion and its trading volume over the past twenty-four hours is $323.36 million.

bitcoin cash

Bitcoin Cash (BCH) Price Watch

Yesterday, the digital currency attempted to break and close over the $510 mark against the US dollar. The digital currency later gained momentum and made a decent move over the hurdle at the $530 mark. There was also a break over the $530 mark and the 100-hourly SMA.

Furthermore, there was a break over the previous swing high of $545. Also, yesterday’s highlighted major bearish trendline was breached with hurdle at the $527 mark on the 1-hour chart of the coin. The digital currency surged over the $550 mark and formed a high close to the $555 mark.

However, the digital currency was capped on the upside, and it started a downward movement to trade beneath the $550 mark. There was also a break beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $515 to the high of $555.

Nevertheless, there are a lot of support areas on the downside close to the $540 and $530 marks. The immediate support of the coin is $535 and the 50 percent Fibonacci retracement level of the previous swing from the low of $515 to the high of $555. However, the coin looks set to correct higher as it is still swimming in the green.

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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