Bitcoin Cash Price Consolidating Near $500
Bitcoin Cash Price Consolidating Near $500
image_pdfimage_print

Bitcoin Cash price (BCH/USD) has started to consolidate around US$500 as the community waits for the hard fork on November 15, 2018.

At press time, BCH is trading at US$526.36, an increase of 2.1% over the 24-hour chart. Technical indicators point out that Bitcoin Cash against US Dollar must break above the strong resistance zone US$530-540 for posting a decent recovery.

Bitcoin Cash Price – Technical Analysis

  • Yesterday, BCH/USD pair had broken below the crucial psychological support at US$500. However, it bounced back from another support at US$496. Thereafter, it successfully broke two consecutive resistance levels at US$505 and US$510 to start recovery. Bitcoin Cash price went above the 50% Fibonacci retracement level of the recent decline from US$562 (High) to US$496 (Low).
  • The BCH-USD pair also successfully broke an important bearish trend line having US$510 as resistance on the hourly chart.
Bitcoin Cash Price Major Resistance and Support Levels
Bitcoin Cash Price Major Resistance and Support Levels
  • Bitcoin Cash price against the US Dollar is struggling to get past the strong resistance zone at US$535-US$540. In fact, it also couldn’t break above the 100 hourly SMA.
  • Another important level the BCH was unsuccessful to break above is the 61.8% Fibonacci retracement level of the recent decline from US$562 (High) to US$496 (Low). This is where the BCH/USD price started retreating and went on to trade below the US$520-level.
  • Important BCH/USD price indicators –
    • Hourly MACD for Bitcoin Cash price is still hovering within the bearish zone.
    • Hourly RSI is currently hovering around the 50 levels.
    • While major support level is located at US$500, major resistance level remains at US$535.

Conclusion

The recent price movement confirms the fact that the Bitcoin Cash price is consolidating above US$500. Analysts believe the buyers are waiting for the results of the BCH hard fork, which will take place on November 15, 2018. Reports say a decent rebound will happen when the three consecutive resistance levels at US$530, US$535, and US$540 are comprehensively cleared. However, the buyers must keep in mind that the Bitcoin Cash (BCH/USD) price may drop towards US$500 or US$495 support levels if the market keeps failing to break above the US$535 resistance level.

Photo Credit: pixabay.com