{"id":135446,"date":"2021-08-13T07:30:56","date_gmt":"2021-08-13T07:30:56","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135446"},"modified":"2021-08-13T07:30:56","modified_gmt":"2021-08-13T07:30:56","slug":"bitcoin-cash-analysis-fresh-increase-likely-above-650","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-analysis-fresh-increase-likely-above-650\/","title":{"rendered":"Bitcoin Cash Analysis: Fresh Increase Likely Above $650"},"content":{"rendered":"
Bitcoin cash price is gaining pace above the $600 zone against the US Dollar, similar to bitcoin. BCH\/USD must clear $650 for more gains in the near term.<\/em><\/p>\n After formed a base above the $500 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $580 level to move into a positive zone.<\/p>\n The price even broke the $600 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $625 level and traded as high as $650. Recently, there was a downside correction below the $625 and $620 support levels.<\/p>\n The price even spiked below the $600 level, but there was no downside continuation. A low is formed near $591 and the price is still trading well above the 55 simple moving average (4-hours).<\/p>\n It is now rising and trading above $610. An immediate resistance is near the $621 level. It is close to the 50% Fib retracement level of the downward move from the $650 swing high to $591 low. The next major resistance could be $625 and $627.<\/p>\n The 61.8% Fib retracement level of the downward move from the $650 swing high to $591 low is also near $627. Therefore, a clear break above the $627 level might push the price towards the $650 resistance.<\/p>\n To continue higher, the price must clear the $650 resistance zone. The next major resistance is near the $700 level. On the downside, the first major support is near the $600 level. There is also a key bullish trend line forming with support near $610 on the 4-hours chart of the BCH\/USD pair.<\/p>\n A downside break below the $610 support zone could open the doors for a larger decline. The next major support is near the $550 level.<\/p>\n <\/p>\n Bitcoin Cash Price<\/p>\n Looking at the chart, bitcoin cash price is now trading above the $600 zone and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $625 and $650 resistance levels.<\/p>\n 4 hours MACD \u2013 The MACD for BCH\/USD is now gaining pace in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is above the 50 level.<\/p>\n Key Support Levels \u2013 $610 and $550.<\/p>\n Key Resistance Levels \u2013 $625 and $650.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n
Technical indicators<\/h2>\n