htmagazine
  • Home
  • Financial News
  • Investing & Retiring
  • Borrowing & Credit Cards
  • Loans
  • Insurance
  • Taxes
Bitcoin Cash Price Analysis: BCH/USD Recovering, Could Test $550

Bitcoin Cash Price Analysis: BCH/USD Recovering, Could Test $550

Financial News 15 Aug, 2018

Key PointsBitcoin cash price is recovering after finding buyers around the $475 level against the US Dollar.There was a break above a short-term contracting triangle with resistance at $490 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair is trading with positive signs, but it is approaching key resistances near $535 and $550.

Bitcoin cash price started a short-term correction above $500 against the US Dollar. BCH/USD could trade higher, but it is likely to face sellers near $550.

Bitcoin Cash Price Resistance

Recently, we saw a nasty decline in bitcoin cash price below the $500 support level against the US Dollar. The BCH/USD pair traded towards the $470 level and formed a low near $472. Later, a short-term recovery wave was initiated and the price moved above the $480 and $490 resistance levels. It also broke the 23.6% Fib retracement level of the last decline from the $593 high to $472 low.

Moreover, there was a break above a short-term contracting triangle with resistance at $490 on the hourly chart of the BCH/USD pair. The price is currently trading above the $500 resistance, but it is approaching a few important resistances near $550. An initial resistance is the 50% Fib retracement level of the last decline from the $593 high to $472 low at $532. Above this, the last support at $550 is likely to act as a resistance. Finally, the 100 hourly simple moving average is positioned near the $550 level to prevent gains. Therefore, it won’t be easy for BCH buyers to clear the $540-550 resistance zone.

Looking at the chart, BCH price is showing a few positive signs above $500. However, there are many hurdles on the upside near $550 to stop the current correction.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD has moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is now well above the 50 level.

Major Support Level – $500

Major Resistance Level – $550

loading...

Source link

Tags bitcoin analysis cash test price bitcoin bchusd cash recovering bitcoin price
Previous Article :

How To Motivate Millennials To Save For Retirement

Next Article :

Your Low Credit Score Could Cost You $45,000

You might also like

Why Are GameFi Projects Crucial Contributors To Crypto Adoption?

Why Are GameFi Projects Crucial Contributors To Crypto Adoption?

23 May, 2022
Nox Bitcoin To Refund UST At $1 To Their Customers

Nox Bitcoin To Refund UST At $1 To Their Customers

22 May, 2022
Ethereum Could Tank Further; Here’s What The Charts Say

Ethereum Could Tank Further; Here’s What The Charts Say

20 May, 2022
Copyright © 2018 by bestloans.tips. All rights reserved. All articles, images, product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Terms of Use and Privacy Policy.
About Privacy Policy Terms of Use Unsubscribing