Bitcoin Cash Analysis: Bulls Struggle Below $600
Bitcoin cash price is showing bearish signs below $600 against the US Dollar, similar to bitcoin. BCH/USD could resume its decline unless it surges above $600.
Bitcoin Cash Price Analysis
Bitcoin cash price started a major decline below the $600 support zone. BCH even broke the $580 support level and settled below the 55 simple moving average (4-hours).
There was also a spike below the $550 level. A low was formed near $531 and the price is now correcting higher. There was a break above the 23.6% Fib retracement level of the downward move from the $641 swing high to $531 low.
An immediate hurdle on the upside is near the $580 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $570 the 4-hours chart of the BCH/USD pair.
The main hurdle is forming near the $585 level. It is near the 50% Fib retracement level of the downward move from the $641 swing high to $531 low. A clear break above $585 and $600 might spark a fresh rally. In the stated case, the price could rise towards the $620 level.
An initial support is near the $545 level. The first major support is near the $530 level. A downside break below the $540 and $530 support levels might start a major decline.
The next major support is near the $520 level, below which the bears might aim a test of $500. Any more downsides might lead the price towards the $450 level.
Bitcoin Cash Price
Looking at the chart, bitcoin cash price is now trading below the $600 zone and the 55 simple moving average (4-hours). Overall, the price must gain pace above $600 for a fresh increase in the near term.
4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is now below the 50 level.
Key Support Levels – $540 and $530.
Key Resistance Levels – $585 and $600.
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