Bitcoin Cash Analysis: Can Bulls BCH Back To $500?

• Bitcoin cash is eyeing a fresh increase above the $420 resistance against the US Dollar.
• The price is now trading near the $410 zone and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $378 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
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• The pair must clear $420 and $435 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $400 against the US Dollar, unlike Bitcoin. BCH/USD could start a fresh surge if it clears the $435 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a pullback from the $475 zone. BCH traded below the $435 and $420 support levels to enter a short-term bearish zone.

A low was formed near $348 before the price started a fresh increase. There was a move above the $365 and $380 resistance levels. The price broke the 50% Fib retracement level of the downward move from the $473 swing high to the $347 low.

There was a break above a key bearish trend line with resistance at $378 on the 4-hour chart of the BCH/USD pair. Bitcoin cash is now trading near the $410 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $420 level. The first key resistance is near $435 or the 76.4% Fib retracement level of the downward move from the $473 swing high to the $347 low. The next major resistance is near $450, above which the price may perhaps gain bullish momentum.

The next major resistance is near the $475 level. Any more gains above $475 could set the pace for a move toward the $500 level or even $520. If not, the price might start another decline.

Immediate support on the downside is near the $408 level. The first major support sits near the $400 level. The next major support is near $378 below which the bears might aim for $345.

Looking at the chart, Bitcoin Cash’s price is now trading near the $410 zone and the 55 simple moving average (4 hours). Overall, the price must clear $420 and $435 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 above the 50 level.

Key Support Levels – $408 and $378.

Key Resistance Levels – $420 and $435.

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