Bitcoin Cash (BCH) has slightly grown in price over the final weekend (amounting to the last few days) of September, having reached a high price of $529.75. This is an almost $60.00 rise from last week’s values, which saw highs at approximately $470 and above.
Key Motions Of The Bitcoin Cash (BCH) Price
- Bitcoin Cash has made positive gains, having remained in the price range of $500- $530.
- BCH has had a resistance of $540 on the hourly chart of the BCH/USD pair, placing it on the bearish trend line.
- In order to stay in a positive place, the trade of BCH needs to be above the $550 resistance and the 100 hourly Simple Moving Average (SMA).
- With a price exceeding $500 USD, Bitcoin Cash has to surpass the 100 hourly SMA for a new weekly high.
A Deeper Price Analysis
Despite its fluctuations over the past week, Bitcoin Cash has settled into a healthy price, with a value at over $500. This BCH/USD pair corrected to $500+ after trading in the approximate level of $600.
It traded for as low as $509, after which the price began to rise again. BCH traded at above the 23.6% Fib retracement level since its last decline of its $591 high to the $509 low. The rising move was then curbed by a resistance zone of $550.
Given that there is an hourly chart of a $540 resistance for the BCH/USD pair, a bearish trend line has been established. Furthermore, the pair didn’t clear the 50% Fib retracement level from the previous decline of a $591 high and a $509 low.
The $540 and $550 levels have thus become critical issues for those interested in buying BCH.
The key support of Bitcoin Cash is currently at $510. However, the price will likely keep rising towards its $600 value (before it corrected), in the near term.
Based on the above chart, BCH is at a position to transcend the bearish trend line, with a $540 resistance and the 100 hourly SMA. Due to the lack of momentum for buyers however, there may be a small downward plunge before the price hits $550.
As far as the technical indicators are concerned, Bitcoin Cash has slowly been transitioning to the bullish zone. This is due to its hourly Moving Average Convergence Divergence (MACD).
The Relative Strength Index (RSI) for BCH/USD is close to the 50 level. BCH carries a major support level of $510 and a minor major resistance level of $550.
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