Bitcoin Cash Price Analysis: Is Bitcoin Cash Bouncing Back to $500?

 

In the recent past, Bitcoin Cash (BCH) has been struggling to rise above the $440 and $450 levels. In the past 24 hours, BCH/USD pair has gained momentum and risen above the $450 resistance.

The upward trend was powerful as the cryptocurrency attained the 61.8% Fib retracement measure of the previous slide from the $478 high to $410. The value even exceeded $450 and the 100 hourly measure progressive average.

A Brief Intro About BCH

Bitcoin Cash (BCH) is also known as a brother to Bitcoin. It is one of the major and most valued digital currencies in the crypto space. Currently, BCH stands out as the 4th largest digital currency with a market cap of $20.69 billion.

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BCH was launched in 2017 to provide faster and cost-effective transactions than its elder brother.

Deeper Observations

More significantly, we saw a break above this week’s trailed major bearish trend line at $445 on the hourly chart of the BCH/USD pair as shown above. The pair transacted as high as $475 and it presently adjusting lesser.

It already attained the 23.6% Fib retracement mark of the recent trend from the $410 low to $475 high.

On the other side, there are numerous backups near the $450 mark. The mentioned $450 mark was a struggle previously and now it could offer support coupled with the 100 hourly SMA.

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Less $450, the 50% Fib retracement mark of the past trend- from $410 low to $475 high- is at $443.

Further analysis of the chart depicts BCH being ranked above the $445 to $450 region and it might continue to rise more towards $480 to $500.

Analysis of the Key Technical Indicators

Hourly MACD- The MACD for BCH/USD is ranked in the bullish region.

Hourly RSI (Relative Strength Index)- the RSI for BCH/USD is ranked well above the 60 marks.

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The Major Back Up Mark- $450

The Major Resistance Mark- $480

From the above analysis, it is evident that BCH is headed to the $500 mark before the start of next week.

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John Makori is a cryptocurrency writer with background in IT and journalism. He has lived in different countries, and settled in Canada. He has more than 4 years of experience working as a journalist with interest in Bitcoin and Cryptocurrencies. He’s passionate about learning Blockchain technologies’ potential to reshape all aspects of our lives. He joined TheOofy as a writer.