Bitcoin Cash (BCH) To USD Pair Moves Upward But Faces A Significant Resistance

Bitcoin Cash has had it rough for the past few months. However, it is one of the cryptocurrencies that has done exceptionally well amid a bearish market. This month, the price started to show some signs of progress against the USD. In fact, there was a bullish spike in price that took the Bitcoin Cash (BCH) to USD pair all the way above $550. Unfortunately, a decline was initiated and it took the price of Bitcoin Cash towards the support at $500. The price formed a bearish trend line that had resistance at $530 and will most likely face sellers around $530 and $535 short-term.

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During yesterday’s trading session, Bitcoin Cash faced bearish pressure below the $550 support level. It traded below $540 even $525 testing the all-important $500 support. The Bitcoin Cash (BCH) to USD pair formed a low at $502 before an upward correction was attempted. The relative strength index went below 50 but it is now above it. The MACD on the hourly chart is gathering bullish momentum. The price has moved above the 23.6% Fibonacci retracement level of the last fall from $549 to $502. It faces a hurdle around $530 and a significant bearish trend line was formed there. The 61.8% Fib level of the last fall from $549 to $502 is at $531.

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The 100 hourly SMA is around $530 so it would be rather difficult for the buyers to cross the resistances at $530 and $535. The charts show that the price may keep going higher but the rise upward will be capped at the significant $535 resistance. After this, the next resistance will be at $550.

Bitcoin Cash (BCH) To USD Price Now

At the time of writing, Bitcoin Cash was trading at $526.56. This indicates a 1.63% rise against the USD and a 0.43% rise against Bitcoin. The 24 hour trading volume is $519,149,548 while the total market capitalization is $9,153,437,775. The next few trading sessions will determine if the price action will change.

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