{"id":139647,"date":"2021-09-24T07:09:37","date_gmt":"2021-09-24T07:09:37","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139647"},"modified":"2021-09-24T07:09:37","modified_gmt":"2021-09-24T07:09:37","slug":"bitcoin-cash-analysis-upsides-could-be-capped-near-600","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-analysis-upsides-could-be-capped-near-600\/","title":{"rendered":"Bitcoin Cash Analysis: Upsides Could be Capped Near $600"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin Cash Price Analysis<\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

<\/p>\n

Bitcoin Cash Price<\/p>\n

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.<\/p>\n

Technical indicators<\/h2>\n

4 hours MACD \u2013 The MACD for BCH\/USD is slowly pace in the bullish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is still below the 50 level.<\/p>\n

Key Support Levels \u2013 $532 and $500.<\/p>\n

Key Resistance Levels \u2013 $572 and $600.<\/p>\n

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

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