Bitcoin Cash (BCH) Is Recovering Against The USD And May Move Above A Significant Resistance

This morning, the price of Bitcoin Cash started attempting an upward recovery holding the $460 support against the USD. The key bearish trendline that was formed yesterday is still acting as resistance on today’s price chart. This line is near $475. If the trading pair corrects above the it, it will most likely move higher towards resistance at $495 and $500. Short-term, the price will recover toward and even above $500.

Bitcoin Cash (BCH) Price Finds Support

During the trading session yesterday, the price recovered from $460 against the USD. The pair traded above the resistances at $475 and $480. The move upside will be capped at the resistance at $490. The price, however, didn’t break the 50% Fibonacci retracement level of the last slope from $525 to $460. After a while, Bitcoin Cash (BCH) declined towards the support at $460 but the buyers emerged once again and a move upward resumed above $470. The price of Bitcoin Cash was able to climb above the 23.6% Fibonacci retracement level of the last slope from $492 to $459.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$7,954.27-3.70%
bitcoin-cash
Bitcoin Cash
$218.25-5.43%

The price is struggling to break the resistance at $475 as this resistance is still active from yesterday. The price of Bitcoin Cash will most likely clear the resistances at $475 and $480 and move higher short-term. At the time of writing, Bitcoin Cash (BCH) was trading at $471.22. This shows a 1.82% decline against the USD and a 2.40% decline against Bitcoin. The relative strength index is above 50 and the MACD on the hourly chart is in the bullish territory.

The price of BCH will most likely going to correct higher by a few points before the end of today’s trading session. Unfortunately, sellers are going to emerge around $490 and $500. Downside, if the price breaks the support at $460, it will move lower towards $450. The next few trading sessions will determine if the price action of Bitcoin Cash will change.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.