Bitcoin cash price is eyeing recovery above $580 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline if it fails to clear $600.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major decline from well above $650. BCH broke the $600 support level and the 55 simple moving average (4-hours) to move into a bearish zone.
It even traded below $550 and spiked below $500. A low was formed near $496 before the price started an upside correction. There was a break above the 23.6% Fib retracement level of the downward move from the $647 swing high to $496 low.
However, the price is now trading well below the $600 zone and the 55 simple moving average (4-hours). It is now facing a strong resistance near the $670 zone. There is also a key bearish trend line forming with resistance near $572 on the 4-hours chart of the BCH/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $647 swing high to $496 low. The next major resistance could be $585. The main breakout zone is near the $600 level.
A clear break above $585 and $600 might trigger a sharp upward move. On the downside, an initial support is near the $532 level. A downside break below the $532 support zone could open the doors for a fresh decline. The next major support is near the $500 level, below which the bears might aim a test of $480.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $600 zone and the 55 simple moving average (4-hours). Overall, the price could continue to decline unless there is a clear break above $572 and $600.
4 hours MACD – The MACD for BCH/USD is slowly pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is still below the 50 level.
Key Support Levels – $532 and $500.
Key Resistance Levels – $572 and $600.
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