Price Analysis

BCH Price Analysis: Declines, Remains Above the Support of $540

Bitcoin Cash

Some Key Pointers

  • The Price of Bitcoin Cash rose over the hurdle of $ 550 and marched towards the price of $ 600 vs the US Dollar.
  • A break from the resistance of $522 was achieved on a BCH/USD hourly chart (Source: Kraken Data Feed)
  • Trading at the high of $ 592, the pair is at the moment on a correction course.

The Bitcoin Cash is presently trading over the $ 540 mark vs the US Dollar with the BCH/USH remaining in support of a price dip between the $540-525 price point.

Bitcoin Cash witnessed a rise investor interest at a price over the $520 mark vs the US Dollar. The pair of BCH/USD completed its downward correction at $ 510 yesterday. Later, the BCH/USD gained some momentum and rallied upwards trading at price levels between the $ 525-540 and hereby making substantial gains.

At the time of this rise, the hourly chart of the BCH/USS pair witnessed a break over the pattern of the bullish pennant and the resistance of the $ 522 price point. The BCH/USD pair went on the breaking the $580 resistance while trading near the $ 600 mark, and in the process, achieved a new high of $ 592 before the price fell and were corrected. The BCH/USD pair witnessed a low of $ 503 and a high of $ 592 during its last wave, and the moved down by 23.6%of its Fib retracement level.

According to the periodic price chart, the price of Bitcoin cash is trading above the $540 price level in an upwards trend. Further, on a positive note, an acceleration in gains can be witnessed in the near future if the BCH manages to cross the $590 and $ 600 price point.

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