{"id":143081,"date":"2021-10-29T07:09:17","date_gmt":"2021-10-29T07:09:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143081"},"modified":"2021-10-29T07:09:17","modified_gmt":"2021-10-29T07:09:17","slug":"bitcoin-cash-analysis-breakout-zone-at-600","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-cash-analysis-breakout-zone-at-600\/","title":{"rendered":"Bitcoin Cash Analysis: Breakout Zone At $600"},"content":{"rendered":"
Bitcoin cash price is showing positive signs above $580 against the US Dollar, similar to bitcoin. BCH\/USD could resume its increase as long as it is above $572.<\/em><\/p>\n Bitcoin cash price declined heavily below the $600 support. BCH even settled below $580 and the 55 simple moving average (4-hours).<\/p>\n A low was formed near $533 and the price is now rising. There was a break above the $580 level and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the recent decline from the $632 swing high to $533 low.<\/p>\n It is now facing resistance near the $590 level. The 61.8% Fib retracement level of the recent decline from the $632 swing high to $533 low is also near the $595 level.<\/p>\n Besides, there is a major bearish trend line forming with resistance near $610 the 4-hours chart of the BCH\/USD pair. A clear break above $595 and $600 might spark a fresh rally. In the stated case, the price could rise towards the $650 level. An intermediate resistance might be near the $635 level.<\/p>\n An initial support is near the $575 level. The first major support is near the $572 level, below which there is a risk of a larger decline. The next major support is near the $565 level, below which the bears might aim a test of $535. Any more downsides might lead the price towards the $500 level.<\/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 must gain pace above $600 for a sustained move higher towards $650 in the near term.<\/p>\n 4 hours MACD \u2013 The MACD for BCH\/USD is slowly gaining pace in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BCH\/USD is now near the 50 level.<\/p>\n Key Support Levels \u2013 $572 and $565.<\/p>\n Key Resistance Levels \u2013 $595 and $600.<\/p>\nBitcoin Cash Price Analysis<\/h2>\n
Technical indicators<\/h2>\n