Bitcoin Cash (BCH) has undergone several fluctuations since October 1st, however, it has maintained a predominantly downward trend. It peaked at roughly $550 in the past week and declined all the way to $504. It presently rests at the price of $526.
Key Motions Of The Bitcoin Cash (BCH) Price
- Compared with last week’s early high of $550, the Bitcoin Cash price has considerably declined to $504, despite undergoing several shifts.
- The Bitcoin Cash price has traded above the $515 resistance against the US Dollar.
- BCH had a break above a bearish trend line with the resistance of $512 on the BCH/USD pair hourly chart.
- The pair has a positive standing, highly likely to continue moving higher towards $530 and $540.
- Despite its reduction, Bitcoin Cash is steadily moving up against the USD.
- BCH/USD is likely to continue rising when buyers are above the $525 level.
A Deeper Price Analysis
There has been an overall downslide this past week for the Bitcoin Cash (BCH) price. After surging towards a high of $550, the momentum has rather quickly been lost, with the price declining almost consistently, save for several fluctuations. The price dwindled to the low of $504.
The BCH/USD pair traded below the $540 and $520 support levels. There was a spike under the $500 level, with a low formed at $498.
An increased buyer presence placed the price back above the $500 level. Afterwards, this price gained momentum, moving above the $510 and $515 resistance levels.
There was a break above the 61.8% Fib retracement level from the last decline from the $523 high to the $498 low. What’s exceptionally important, however, was the break above a crucial bearish trend line with resistance at $512 on the Bitcoin Cash hourly chart of its pair with the USD.
The BCH/USD are trading now above the $510 level and the 100 hourly simple moving average. The pair is consolidating, while it traded close to the $525 resistance. The impending resistance is at $530 and the 1.236 Fib extension level of the last decline from the $523 high to $498 low. If it reaches above $530, the price may trade at roughly the $540 level, near the 1.618 Fib extension.
The BCH price stands securely in a positive zone of above $510 and it could test $530 and $540 in the ensuing term. The technical indicators say the hourly MACD of the BCH/USD pair has returned to the bullish zone.
The hourly RSI (Relative Strength Index) for the pair is above the 50 level. Bitcoin Cash has a major support level of $510 and a major resistance level of $530.
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