Bitcoin Cash (BCH) Attempts Recovery But The Bears Resist Against The USD

The price of Bitcoin Cash (BCH) has been on a bearish wave for the past few weeks. However, it is not the only cryptocurrency that is falling in price. This morning, Bitcoin Cash BCH attempted a recovery and found support near $460 against the USD. A connecting bullish trendline that had resistance around the $488 level was formed on the hourly chart of Bitcoin Cash to USD. The Bitcoin Cash to USD trading pair will need to gather enough momentum to move above the resistances at $488 and $500 if it is to break the barrier short-term.

Bitcoin Cash (BCH) Price Against The USD

The Bitcoin Cash to USD trading pair is trying to gain traction above the resistance at $500. This resistance is preventing an upside correction above the $500 level. It may continue to fall downside when the correction attempt is over. Over the last seven days, the price of Bitcoin Cash has been falling and rising with upside moves being capped at $550. The trading pair was able to break the support at $500 trading as low as $461 before an upside correction was initiated. The Bulls were able to push the price toward $475.

Bitcoin Cash (BCH) Price Today – BCH / USD

Bitcoin Cash

The price of Bitcoin Cash broke the 23.6% Fibonacci retracement level of the last fall from $526 to $461. There is a strong resistance around $490 and $500 areas. Also, a connecting bearish trendline that has resistance around $488 has been formed. The 50% Fibonacci retracement level of the previous fall from $526 to $461 is at $494 just above the key bearish trendline. The 100 hourly SMA is around $500 so there is significant resistance near $500 and $490.

Bitcoin Cash Price Now

At the time of writing, Bitcoin Cash was trading at $479.79. This indicates a 0.85% fall against the USD and a 0.10% fall against Bitcoin. The price may attempt a break but sellers will turn up around $500 and push the price toward $460 short-term. The MACD on the hourly chart is entering the bullish territory slowly and the relative strength index is near 50. The significant resistance is at $500 while the significant support is at $460.


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