Bitcoin Cash Analysis: Bulls Aim For $600 or Higher
Bitcoin cash started a strong increase above the $500 and $520 levels against the US Dollar.
The price is now trading above the $540 zone and the 55 simple moving average (4 hours).
There is also a key bullish trend line forming with support at $525 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $585 and $600 to continue higher in the near term.
Bitcoin cash price is climbing above $550 against the US Dollar, like Bitcoin. BCH/USD could accelerate higher if it clears the $585 level.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support base above the $350 level. BCH started a decent increase and was able to clear the $450 resistance zone.
The price climbed above the $500 and $550 resistance levels. It even spiked above $365 and traded as high as $584. It is now trading above the $550 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 $585 level. The next major resistance is near the $600 level, above which the price may perhaps rise toward the $620 level. Any more gains above $620 could set the pace for a move toward the $650 level.
Immediate support on the downside is near the $558 level or the 23.6% Fib retracement level of the upward move from the $468 swing low to the $584 high. The first major support sits near the $550 level.
There is also a key bullish trend line forming with support at $525 on the 4-hour chart of the BCH/USD pair. The next support is near the $512 zone or the 61.8% Fib retracement level of the upward move from the $468 swing low to the $584 high, below which the bears might aim for $500. The next target for them may perhaps be near the $465 level in the coming days.
Looking at the chart, Bitcoin cash price is now trading above the $550 zone and the 55 simple moving average (4 hours). Overall, the price must clear $585 and $600 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 – $555 and $550.
Key Resistance Levels – $585 and $600.
The post Bitcoin Cash Analysis: Bulls Aim For $600 or Higher appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ March 29, 2024 2:28 am