Bitcoin Cash Analysis: Fresh Rally To $550 On The Cards

• Bitcoin cash is eyeing a fresh increase above the $450 resistance against the US Dollar.
• The price is now trading above the $400 zone and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance at $425 on the 4-hour chart of the BCH/USD pair (data feed from Coinbase).
• The pair must clear $435 and $450 to start a fresh increase in the near term.

Bitcoin cash price is consolidating gains above $400 against the US Dollar, like Bitcoin. BCH/USD could start a fresh surge if it clears the $435 level.

Bitcoin Cash Price Analysis

Bitcoin cash price started a pullback from the $530 zone. BCH traded below the $480 and $450 support levels before the bulls appeared.

A low was formed near $340 before the price started a decent upward move. There was a move above the $380 and $400 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $530 swing high to the $341 low.

There was a break above a key bearish trend line with resistance at $425 on the 4-hour chart of the BCH/USD pair. Bitcoin cash is now trading above the $400 zone and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $435 level or the 50% Fib retracement level of the downward move from the $530 swing high to the $341 low. The first key resistance is near $450. The next major resistance is near $485, above which the price may perhaps gain bullish momentum.

The next major resistance is near the $530 level. Any more gains above $530 could set the pace for a move toward the $550 level or even $565. If not, the price might start another decline.

Immediate support on the downside is near the $400 level. The first major support sits near the $380 level. The next major support is near $340 below which the bears might aim for $320.

Bitcoin Cash Price

Looking at the chart, Bitcoin Cash’s price is now trading above the $400 zone and the 55 simple moving average (4 hours). Overall, the price must clear $435 and $450 to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for BCH/USD is 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 – $400 and $380.

Key Resistance Levels – $435 and $450.

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