Key Points

Bitcoin cash price is placed above the $450 and $460 supports against the US Dollar. BCH/USD could accelerate gains in the near term above the $500 level.

This past week, there was a decent rise from the $430 swing low in bitcoin cash price against the US Dollar. The BCH/USD pair started an upward move and traded above the $450, $460 and $470 resistance levels. There was also a close above the $460 support and the 100 hourly simple moving average. The price traded as high as $510 and later started trading in a range.

It corrected lower and declined below the $480 level. There was also a break below the 50% Fib retracement level of the last upward move from the $448 low to $510 high. However, downsides were contained by the $470 support area. Moreover, the 61.8% Fib retracement level of the last upward move from the $448 low to $510 high also acted as a support. At the moment, it seems like there is a contracting triangle forming with support at $485 on the hourly chart of the BCH/USD pair. If the price declines below the triangle, it could test the $460 and $450 support levels.

Looking at the chart, BCH price may make an attempt to surpass the channel resistance at $505. Above this, the price may perhaps rise towards the $525 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is about to move back in the bullish zone.

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

Major Support Level – $460

Major Resistance Level – $500

The post Bitcoin Cash Price Analysis: BCH/USD Could Surpass $500-510 appeared first on NewsBTC.

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