Bitcoin Cash Analysis: Bulls Gain Strength Above $450
- Bitcoin cash price started a fresh increase above the $440 zone against the US Dollar.
- The price is now trading above the $450 zone and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $435 the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
- The pair must gain pace above $460 for more gains in the near term.
Bitcoin cash price is showing positive signs above $450 against the US Dollar, similar to bitcoin. BCH/USD could gain bullish momentum above the $460 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a base above the $415 level. BCH started a fresh increase above the $520 and $530 levels. There was also a close above the $540 level and the 55 simple moving average (4-hours).
Besides, there was a break above a major bearish trend line with resistance near $435 the 4-hours chart of the BCH/USD pair. The pair is now trading near the 50% Fib retracement level of the downward move from the $504 swing high to $415 low.
An immediate hurdle on the upside is near the $460 level. The next major resistance is near the $470 level. It is near the 61.8% Fib retracement level of the downward move from the $504 swing high to $415 low.
A clear break above $460 and $470 might spark a fresh rally. In the stated case, the price could rise towards the $500 level.
An initial support is near the $440 level. The first major support is near the $435 level and the 55 simple moving average (4-hours). A downside break below the $440 and $435 support levels might start a major decline.
The next major support is near the $420 level, below which the bears might aim a test of $400. Any more downsides might lead the price towards the $380 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading above the $450 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $460 for a fresh increase in the near term.
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 – $440 and $435.
Key Resistance Levels – $460 and $500.
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