Bitcoin money toll acquired brace near the $460 elevation and recovered a few spots against the U s dollars. There is a connecting bearish trend line formed with defiance near $488 on the hourly plot of the BCH/ USD duet( data feed from Kraken ). The pair has to move above the $488 and $500 fight ranks to recover significantly in the very near expression.
Bitcoin cash price is struggling to gain traction above $500 against the US Dollar. BCH/ USD may resume its downside once the current adjustment is over.
Bitcoin Cash Price Resistance
This past week, we appreciated nasty slumps in bitcoin cash price below the $550 assistance against the U s dollars. The BCH/ USD pair recently broke the $500 supporting range and sold as low-pitched as $461. Later, there was an upside improvement originated and the price moved above the $475 elevation. There was also a flout above the 23.6% Fib retracement grade of the last refuse from the $526 high to $461 low.
However, the price is facing a strong resistance near the $490 -5 00 zone. There is also a connecting bearish trend line worded with defiance near $488 on the hourly planned of the BCH/ USD pair. Above the trend line, the 50% Fib retracement statu of the last slump from the $526 high to $461 low-pitched is near $494. Likewise, the 100 hourly simple moving median is too arranged near the $500 elevation. Hence, it seems like there is a strong resistance area formed near the $490 and $500 levels.
Looking at the chart, BCH price may chastise a few points towards $500 in the short term. However, upsides are likely to be limited and the cost may dive back towards the $460 tier in the near term.
Looking at the technical gauges 😛 TAGEND
Hourly MACD- The MACD for BCH/ USD is gradually gotta go back in the bullish zone.
Hourly RSI( Relative Strength Index)- The RSI for BCH/ USD is currently precisely near the 50 level.
Major Support Level- $460
Major Resistance Level- $500
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