Bitcoin Cash (BCH) Holds Key Support After Failed Upward Move

According to today’s Bitcoin Cash price analysis, the price of Bitcoin Cash is firmly supported near $540. This morning, BCH attempted an upward move but was unable to break the resistances at $570. There was a significant bullish trend line that had support at $545 on the hourly chart. The Bitcoin Cash to USD trading pair was placed above the support at $540 and it is currently facing resistance around $565. BCH is now trading above the $540 support against the USD. If the bull run is to continue, the price of BCH must break the $560 and $570 support levels against the USD and form a new high for the week.

Bitcoin Cash (BCH) Price Finds Support

The price of Bitcoin Cash was on a bullish rally finding support around $576 against the USD. Unfortunately, a downward correction started and the price dipped below the $560 support trading the the $540 support area. Fortunately, the buyers were able to defend the losses but a low was formed around $545. The 61.8% Fibonacci retracement level of the last rise from $526 to $576 acted as support.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$8,765.23-0.28%
bitcoin-cash
Bitcoin Cash
$289.970.801%

After forming this low, the price of BCH went higher again but it faced resistances at $570 and $560. These resistance prevented further upward movement. If the price breaks above this levels, it may find a bearish trend line that has resistance at $565 on the hourly chart. Above this level, the price of Bitcoin Cash will most likely break the resistances at $570 and even $576. However, if Bitcoin Cash is unable to gather the bullish momentum required, the price may move toward the support at $545. The next few trading sessions will determine if the price action will change or not.

Bitcoin Cash (BCH) Technical Analysis

From the technical charts, the relative strength index is below 50 and the MACD on the hourly chart is moving to the bullish territory. The significant resistance level is at $570 and the significant support is at $540. This is according to the price analysis of Aayush Jindal on Newsbtc.

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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