Bitcoin Cash (BCH) Consolidates Its Loses Above A Significant Resistance

This morning, Bitcoin Cash started consolidating its loses above the $500 mark. The cryptocurrency traded as low as $485 before attempting an upward correction but a short-term ascending channel that had resistance at $530 capped the upward move. To progress upward, Bitcoin Cash will have to break the resistance at $530. After this level, the next resistance will be at $550 and $555.

Bitcoin Cash (BCH) To USD Price Analysis

The Bitcoin Cash to USD trading pair is supported above $500 and will most likely move above the resistances at $535 and $555 short-term. During yesterday’s trading session, there was downward move above $600 against the USD. The pair managed to break the support at $550 trading below $500 and below the 100 hourly SMA. It moved toward $485 before the bulls gained momentum and started an upside correction. The price subsequently moved above the resistances at $500 and $505.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$7,982.00
0.15%
Bitcoin Cash (BCH)
$398.93
-2.26%

The buyers recently pushed the price of BCH above the $520 level and above the 23.6% Fibonacci retracement level of the last decline from $533 to $485. The cryptocurrency faces resistances at $530 and $535. A short-term ascending channel that had resistance at $530 appeared on the hourly chart and a break towards this resistance will pave the way for gains with the next significant hurdle resting at $550 and $555. The 50% Fibonacci retracement level of the last drop from $533 to $485 was at $559. This is according to the price analysis of Aayush Jindal on Newsbtc.

Bitcoin Cash Technical Analysis

From the technical charts, the price of Bitcoin Cash will most likely move upside short-term. Unfortunately, the move may be capped at the $535 and $555 resistances. At the time of writing, Bitcoin Cash was trading at $512.72. This indicates a 2.86% rise against the USD and a 1.81% rise against Bitcoin. The MACD on the hourly chart is in the bullish territory and the relative strength index is above 50. The significant resistance is at $530 while the significant support is at $500.

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