The price of Bitcoin Cash (BCH) has been able to prevent any losses below the significant $500 support level. There was a crucial bearish trend line that formed with resistance at $540. The positive trend is encouraging as it means Bitcoin Cash hasn’t been entirely consumed by the bears. However, it isn’t going to gain any real traction until it moves above the resistance at $550 and above the 100 hourly SMA. The price started consolidating its losses after it hit $500. To reach a new weekly high, the Bitcoin Cash to USD pair must trade above the 100 hourly simple moving average.
Bitcoin Cash (BCH) Price Today – BCH / USD
Above $500, there are a lot of positive signs. Not too long ago, the pair corrected higher towards $600 but as expected, the bears quickly pushed the price back as low as $509. This was followed by a price consolidation that went below the 23.6% Fib level of the last slope from $591 to $509. There was a strong resistance at $550 that capped the move upside.
During the consolidation, Bitcoin Cash failed to break the 50% Fib level of the last $591 to $509 decline. The resistance at $540 also happens to be the position of the 100 hourly SMA. The relative strength index is approaching level 50 and the MACD is entering into the bullish zone. The crucial resistance is at $550 while the crucial support is at $510. If the resistance at $550 is broken, Bitcoin Cash will move as high as $590 and even $600. Breaking the support at $510 will lead to major losses.
Bitcoin Cash Price Now
At the time of writing, Bitcoin Cash (BCH) was trading at $533.66. This indicates a 0.39% fall against the USD and a 1.90% fall against Bitcoin. Even if it is trading in red, the fact that it is still above the $500 shows that the bulls still have a chance in the market and the price may cross the resistance at $540 during the next upside swing.