- Bitcoin cash started a strong increase above the $550 and $580 levels against the US Dollar.
- The price is now trading above the $600 zone and the 55 simple moving average (4 hours).
- There is also a key bullish trend line forming with support at $625 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
- The pair must clear $695 and $700 to continue higher in the near term.
Bitcoin cash price is climbing above $620 against the US Dollar, like Bitcoin. BCH/USD could accelerate higher if it clears the $695 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $560 level. BCH started a decent increase and was able to clear the $580 resistance zone.
The price climbed above the $600 and $620 resistance levels. It even spiked above $680 and traded as high as $695. It is now trading above the $600 zone and the 55 simple moving average (4 hours). The current price action is positive, suggesting high chances of more gains.
On the upside, the price is facing resistance near the $695 level. The next major resistance is near the $700 level, above which the price may perhaps rise toward the $720 level. Any more gains above $720 could set the pace for a move toward the $750 level.
Immediate support on the downside is near the $660 level or the 23.6% Fib retracement level of the upward move from the $562 swing low to the $695 high. The first major support sits near the $628 level.
There is also a key bullish trend line forming with support at $625 on the 4-hour chart of the BCH/USD pair. The next support is near the 50% Fib retracement level of the upward move from the $562 swing low to the $695 high, below which the bears might aim for $600. The next target for them may perhaps be near the $580 level in the coming days.
Looking at the chart, Bitcoin cash price is now trading above the $600 zone and the 55 simple moving average (4 hours). Overall, the price must clear $695 and $700 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.
Key Support Levels – $625 and $600.
Key Resistance Levels – $695 and $700.