Bitcoin Cash Analysis: Upsides Could be Capped Near $600

Bitcoin Cash Price Analysis

Bitcoin Cash Analysis: Upsides Could be Capped Near $600

Bitcoin cash price started a major decline below the $600 zone against the US Dollar.
The price is now trading well below the $600 zone and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $572 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
The pair could continue to decline unless there is a clear break above $572 and $600.

Bitcoin cash price is eyeing recovery above $580 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline if it fails to clear $600.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major decline from well above $650. BCH broke the $600 support level and the 55 simple moving average (4-hours) to move into a bearish zone.
It even traded below $550 and spiked below $500. A low was formed near $496 before the price started an upside correction. There was a break above the 23.6% Fib retracement level of the downward move from the $647 swing high to $496 low.
However, the price is now trading well below the $600 zone and the 55 simple moving average (4-hours). It is now facing a strong resistance near the $670 zone. There is also a key bearish trend line forming with resistance near $572 on the 4-hours chart of the BCH/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $647 swing high to $496 low. The next major resistance could be $585. The main breakout zone is near the $600 level.
A clear break above $585 and $600 might trigger a sharp upward move. On the downside, an initial support is near the $532 level. A downside break below the $532 support zone could open the doors for a fresh decline. The next major support is near the $500 level, below which the bears might aim a test of $480.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $600 zone and the 55 simple moving average (4-hours). Overall, the price could continue to decline unless there is a clear break above $572 and $600.
Technical indicators
4 hours MACD – The MACD for BCH/USD is slowly pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level.
Key Support Levels – $532 and $500.
Key Resistance Levels – $572 and $600.

Tags: BCH, Bitcoin Cash

Leave a Reply

Your email address will not be published.

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance