Bitcoin Cash Analysis: Key Support Nearby At $610
- Bitcoin cash price started a major increase above the $600 zone against the US Dollar.
- The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair is consolidating gains and it could eye more upsides above $640 and $650.
Bitcoin cash price is showing positive signs above $620 against the US Dollar, similar to bitcoin. BCH/USD could resume its increase as long as it is above $600.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major increase from the $550 zone. BCH broke the $600 resistance level and the 55 simple moving average (4-hours).
The price settled above the $620 level and surpassed the $640 level. A high was formed near $655 and it is now correcting gains. There was a break below the $640 support level. The price is now testing the 50% Fib retracement level of the recent wave from the $590 swing low to $655 high.
An initial support is near the $625 level. The first major support is near the $620 level and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $620 the 4-hours chart of the BCH/USD pair.
The trend line is close to the 61.8% Fib retracement level of the recent wave from the $590 swing low to $655 high. The next major support is near the $600 level, below which the bears might aim a test of $550.
An immediate resistance is near the $640 level. The next major resistance could be $650. The main breakout zone is near the $655 level. A clear break above $650 and $655 might spark a fresh rally. In the stated case, the price could rise towards the $700 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading above the $620 zone and the 55 simple moving average (4-hours). Overall, the price is consolidating gains and it could eye more upsides above $640 and $650.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now above the 50 level.
Key Support Levels – $620 and $600.
Key Resistance Levels – $640 and $655.
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