- The price of Bitcoin cash has remained in the green and is presently trading over the $500 price mark against USD.
- As per data feed from Kraken, the Bitcoin cash is at a bearish trend line with a $540 resistance on the hourly BCH/USD Chart
- The BCH/USD is required to trade over the $500 hurdle and over one hundred hourly moving averages for gaining any traction.
PRICE Analysis of Bitcoin Cash
The Bitcoin cash is witnessing a few positive movements over the $500 price level in its price against USD. Recently the pair witnessed some correction post-trading towards the price of $600. The Bitcoin cash trades at a low of $ 509 and later consolidated and traded 23.6% over the Fib retracement level from its previous decline from its earlier high of $591 to low of $509. However, this movement is facing the resistance of the $550 price level.
Essentially, there is a bearish trend line which is in place with the $540 price resistance on the BCH/USD hourly chart. The BCH/USD further failed to cross the 50% Fib retracement level from its earlier high of $591 to low of $509. Also, the 100-hour moving average is being positioned close to the $540 price level, hence the prices of $540 and $550 are vital hurdles for the investors. Further, the prices are likely to trade towards the price level between the $590 and $600 price mark shortly, but on the flipside, its key support is stated at $510.
As per the chart, the price of BCH is trying to cross this trend line of $540 on the 100-hour simple moving average. However, the buyers are still struggling in gaining any form of momentum, at this moment there can be a minor downwards reaction before the BCH breaches the $550 mark.