Bitcoin Cash Analysis: Bulls Protect Key Uptrend Support
Bitcoin cash is eyeing a fresh increase above the $450 resistance against the US Dollar.
The price is now trading near the $420 zone and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $417 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $440 and $450 to start a fresh increase in the near term.
Bitcoin cash price is consolidating gains above $410 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $450 level.
Bitcoin Cash Price Analysis
Bitcoin cash price started a pullback from the $530 zone. BCH traded below the $465 and $450 support levels to enter a short-term bearish zone.
A low was formed near $340 before the price started a fresh increase. There was a move above the $385 and $400 resistance levels. The price broke the 23.6% Fib retracement level of the downward move from the $530 swing high to the $340 low.
Bitcoin cash is now trading near the $420 zone and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $417 on the 4-hour chart of the BCH/USD pair.
On the upside, the price is facing resistance near the $440 level. The first key resistance is near $450 or the 50% Fib retracement level of the downward move from the $530 swing high to the $340 low. The next major resistance is near $455, above which the price may perhaps gain bullish momentum.
The next major resistance is near the $500 level. Any more gains above $500 could set the pace for a move toward the $520 level or even $530. If not, the price might start another decline.
Immediate support on the downside is near the $417 level. The first major support sits near the $400 level. The next major support is near $380 below which the bears might aim for $340.
Looking at the chart, Bitcoin Cash’s price is now trading near the $420 zone and the 55 simple moving average (4 hours). Overall, the price must clear $440 and $450 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $417 and $400.
Key Resistance Levels – $440 and $450.
The post Bitcoin Cash Analysis: Bulls Protect Key Uptrend Support appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 15, 2024 3:18 am