Bitcoin Cash (BCH) Gathers Upward Momentum Towards A Significant Resistance

This morning, the price of Bitcoin Cash seems to have gathered the momentum needed for a bullish breakout. As soon as the support above $500 was solidified, the price of Bitcoin Cash started trending upward. There was a connecting bearish trend line that had resistance at $535. This trend line was breached short-term. The bullish pressure will most likely take the price all the way up above the resistances at $560 and $570. The immediate support is at $520 and this level seems strong against the USD. If the trend changes in favor of the buyers, the price will move toward $600 according to Aayush Jindal on NewsBtc.

Bitcoin Cash (BCH) Price Today – BCH / USD

Bitcoin Cash

While the support level is at $520, the resistance is at $560. The relative strength index, on the other hand, is above 60 to confirm the bullish trend while the MACD on the hourly chart is in the bullish zone. There was a price consolidation pattern above the support at $500 yesterday. The Bitcoin Cash to USD trading pair proceeded to form support at $510 and $500. After this, it gained a lot of traction that took it above the resistance. This was also above the 100 hourly SMA. The price gathered momentum moving above the 23.6% Fibonacci retracement level of the last fall from $590 to $510.

The pair settled above $530 which also happens to be above the 100 hourly simple moving average. After this level, there is going to be resistance at $550 and at the 50% Fib level of the last fall from $590 to $510. The next resistance after $550 is going to be at $560. This is also going to be the 61.8% Fib level of the last fall from $590 to $510. The resistance after this level will be at $570.

Bitcoin Cash Price Now

At the time of writing, Bitcoin Cash was trading at $544.57. This means it is up by 1.73% against the USD and 2.15% against Bitcoin. The 24 hour trading volume is $487,347,775 while the total market capitalization according to CoinMarketCapital is $487,347,775.

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.


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