- Bitcoin cash is eyeing a fresh increase above the $650 resistance against the US Dollar.
The price is now trading below the $640 zone and the 55 simple moving average (4 hours).
There is a key contracting triangle forming with resistance at $655 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
The pair must clear $650 and $655 to start a fresh increase in the near term.
The price of Bitcoin cash is holding steady above $600 versus the US dollar, while Bitcoin is not. If Bitcoin cash manages to break past the $655 mark, it may initiate a new upward trend.
Bitcoin Cash Price Analysis
The price of Bitcoin Cash dipped back down from around $720. It then fell beneath the $700 and $650 thresholds, causing it to move into a bearish trend for the moment.
Near $596, a low point formed where the price received support. Currently, the price is stabilizing and making an effort to rise again. We saw a surge above $605, but the price has yet to surpass the 23.6% Fibonacci retracement mark – the level of resistance from the downward trend that started at $719 and ended at $596.
The current price of Bitcoin Cash is under $650 and is lower than its 4-hour simple moving average of $650. Looking ahead, there’s resistance for the price around $625.
In the BCH/USD chart, the initial significant barrier lies around $650 or the halfway point of the price drop from the peak of $719 to the low of $596. Moreover, a noteworthy contracting triangle pattern is emerging on the 4-hour graph, with resistance at $655.
An approaching significant barrier in price lies around $670, surpassing which might spark a bullish trend. Alternatively stated, the next substantial resistance is at approximately $670, and if the price rises above this point, it could lead us to consider further advancement towards $720 or even $750.
If the price doesn’t hold, it could dip once more towards the $600 mark. The initial floor lies around $565. A more significant drop may take place if the price falls beneath $500, with potential targets at $450 for the bearish traders.
Glancing at the graph, Bitcoin Cash’s current price hovers around the $650 mark and falls beneath both the 4-hour Simple Moving Average (SMA) and the $655 level. To initiate an uptrend in the short term, Bitcoin Cash needs to surpass these two price points first.
Technical indicators
4 hours MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is below the 50 level.
Key Support Levels – $600 and $565.
Key Resistance Levels – $625 and $650.
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2024-04-12 06:54