Bitcoin Cash Price started a large increase above $ 475 resistance. BCH consolidates and can strive for more profit above the $ 500 resistance.
- Bitcoin Cash Price started a new increase above the level of $ 480.
- The price is traded above $ 480 and the simple advancing average of 100 hours.
- There was a break above an important bearish trend line with resistance at $ 472 on the hour table of the BCH/USD pair (data feed from Kraken).
- The couple could start another increase if it knew the $ 500 resistance zone.
Bitcoin Cash Price starts a new increase
After forming a base above the level of $ 440, Bitcoin Cash Price started a new increase. BCH surpass Bitcoin and Ethereum to win more than 8%. There was a clear movement above the $ 470 resistance zone.
The price even surpassed $ 480 and tested the $ 495 resistance zone. By the way, there was a break over an important bearish trend line with resistance at $ 472 on the hour table of the BCH/USD pair. A high was formed near $ 505 and the price now consolidates the profits above the 23.6% FIB retracement level of the upward movement of the $ 455 Swing Low to $ 502 High.
Bitcoin Cash Price is now traded above $ 485 and the 100-hour simple advancing average. Immediate resistance to the advantage is close to the $ 500 level. A clear movement above the $ 500 resistance can start a considerable increase. The next major resistance is $ 505, above which the price could accelerate higher to the $ 520 level. Any further profits can lead the price to the $ 535 resistance zone.
Are dips supported in BCH?
If Bitcoin Cash price did not know the $ 500 resistance, this can start a new decline. The first support on the disadvantage is close to the $ 490 level. The next major support is near the $ 480 level or the 50% FIB retracement level of the upward movement of the $ 455 Swing Low to $ 502 High.
If the price does not remain above the $ 480 support, the price can test the $ 470 support. Further losses can lead the price to the $ 450 zone in the short term.
Technical indicators
4-hour MacD-de MacD for BCH/USD loses pace in the bullish zone.
4-hour RSI (relative strength index) -the RSI is currently above the 60 level.
Main support levels – $ 490 and $ 480.
Main resistance levels – $ 500 and $ 505.