Bitcoin Cash Analysis: More Gains Possible Above $700

  • Bitcoin cash price started a decent increase above the $650 resistance against the US Dollar.
  • The price is now trading above the $620 zone and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $635 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $650 and $680 resistance levels.

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.

Bitcoin Cash Price Analysis

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.

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.

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).

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.

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.

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.

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.

Bitcoin Cash Price

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.

Technical indicators

4 hours MACD – The MACD for BCH/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $640 and $620.

Key Resistance Levels – $680 and $700.

The post Bitcoin Cash Analysis: More Gains Possible Above $700 appeared first on Live .

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