Key Points Bitcoin cash price remains in an uptrend and recently traded above the $500 level against the US Dollar. There is a short-term bullish trend line forming with support at $510 on the hourly chart of BCH/USD (data feed from Kraken). The price broke a major bearish trend line at $460 to initiate the current uptrend, which is a positive sign.
Bitcoin cash price is surging higher and placed well above $500 against the US Dollar. BCH/USD might continue to move higher towards $580-600.
Bitcoin Cash Price Trend
There was a solid start to a new uptrend in Bitcoin cash above $440 this week against the US Dollar. There were decent gains in BCH and the price was even able to move above the $450 resistance. To initiate the upside, there was a break above a major bearish trend line at $460. It opened the doors for more gains and the price was able to move above the $500 handle. It traded to a new monthly high at $543 from where a correction was initiated.
The price moved below the 23.6% Fib retracement level of the last wave from the $425 low to $543 high. However, the downside move was prevented by the $500 handle. Moreover, the 38.2% Fib retracement level of the last wave from the $425 low to $543 high also acted as a support. There is a short-term bullish trend line forming with support at $510 on the hourly chart of BCH/USD. The trend support is holding losses very well and might continue to act as a support above $500.
As long as the price is above the $500 handle, there are chances of more gains above $550.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Major Support Level – $500
Major Resistance Level – $550
Charts courtesy – Trading View, Kraken
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