{"id":136252,"date":"2021-08-20T08:02:13","date_gmt":"2021-08-20T08:02:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=136252"},"modified":"2021-08-20T08:02:13","modified_gmt":"2021-08-20T08:02:13","slug":"bitcoin-cash-analysis-more-gains-possible-above-700","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-analysis-more-gains-possible-above-700\/","title":{"rendered":"Bitcoin Cash Analysis: More Gains Possible Above $700"},"content":{"rendered":"

Bitcoin cash price is gaining pace above the $600 zone against the US Dollar, similar to bitcoin. BCH\/USD must clear $700 for more gains in the near term.<\/em><\/p>\n

Bitcoin Cash Price Analysis<\/h2>\n

After forming a base above the $600 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $640 level to move into a positive zone.<\/p>\n

The price even broke the $650 barrier and the 55 simple moving average (4-hours). Finally, it surpassed the $700 level and traded as high as $715. Recently, there was a downside correction below the $680 and $650 support levels.<\/p>\n

The price even spiked below the $625 level, but there was no downside continuation. A low is formed near $619 and the price is back above the 55 simple moving average (4-hours).<\/p>\n

There was a break above the 23.6% Fib retracement level of the downward move from the $719 swing high to $619 low. It is now rising and trading above $650. An immediate resistance is near the $667 level. It is close to the 50% Fib retracement level of the downward move from the $719 swing high to $619 low.<\/p>\n

The next major resistance could be $675 and $680. Therefore, a clear break above the $680 level might push the price towards the $700 resistance. To continue higher, the price must clear the $700 resistance zone.<\/p>\n

The next major resistance is near the $750 level. On the downside, the first major support is near the $640 level. There is also a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH\/USD pair.<\/p>\n

A downside break below the $635 support zone and $620 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 $620 zone and the 55 simple moving average (4-hours). Overall, the price is likely to accelerate higher above the $650 and $680 resistance levels.<\/p>\n

Technical indicators<\/h2>\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 $640 and $620.<\/p>\n

Key Resistance Levels \u2013 $680 and $700.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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