There Might Be Hope For Bitcoin Cash (BCH) As The Price Moves Toward A Significant Resistance Level

The cryptocurrency market may have taken a brief pause from the bearish market with the price of major cryptocurrencies stabilizing. Bitcoin cash is one of those cryptocurrencies and this morning, it started consolidating its gains above the $470 support zone. On the chart, a contracting bullish triangle that had support at $485 was formed. The relative strength index is above level 50 and the BCH to USD pair will most likely keep consolidating until it crosses the $500 and $510 level.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%
Bitcoin Cash (BCH)
$95.75
-4.97%

The price of Bitcoin Cash (BCH) is supported above $450 and $460 and will most likely rise toward $500 soon. Throughout the week, the price was able to stay above the $430 level even trading above the resistances at $450, $460 and $470. It closed above the significant support at $460 and above the 100 hourly SMA moving all the way to $510 before a downward correction started.

Due to the downward correction, the price of Bitcoin Cash fell below $480 breaking the 50% Fib level of the last rise from $448 to $510. The MACD on the hourly chart is now in the bullish territory. This is according to the price analysis of Aayush Jindal on NewsBtc. When the decline started, it was curbed at the $470 support and the 61.8% Fib level of the last rise from $448 to $510 acted as suppose. Later on, a contracting triangle that had support at $485 formed. It’s important that it stays above this contracting triangle as moving below it will see the price test the $450 and $460 support levels.

Bitcoin Cash (BCH) Price Now

Before the end of today’s trading session, Bitcoin Cash will most likely attempt a rise above the $505 resistance. Moving above this level will give it the boost it needs to go higher toward $525. Traders should look out for the significant support level at $460 and the significant resistance at $500.

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