There was a solid buying interest that arose at the level of 450 dollars for Bitcoin Cash. The pair BCH / USD began to move upwards and traded above the resistance levels of 460 and 470 dollars. The price was positive, as the price rose by more than 20 percent and dropped above the 100-hour simple moving average. The rally was such that the price broke through the barrier of $ 500.
More importantly, an uptrend was launched after yesterday's stressed, important bear trend line was broken with resistance at $ 442 on the hourly chart of the BCH / USD pair. The pair traded above $ 550, and then began correction of the fall. The mentioned $ 500 level was previously resistance, but now it acts as a support.
Looking at the chart, the price of BCH is well traded with bullish bias above $ 500. While the price is higher than 485 and 500 dollars, one can hope for a good profit.
Key points
- The price of Bitcoin Cash consolidated the movement upwards and is traded above the barrier at $ 500 against the USD;
- Yesterday's marked important bear trend line was broken with resistance at the level of 442 dollars on the hourly chart of the pair BCH / USD (data of the Kraken exchange);
- The pair is now well positioned in the bullish zone above support levels of $ 500 and $ 510;
- The price of Bitcoin Cash increased and increased to $ 520. BCH / USD is consolidated and supported to increase profits.
Considering technical indicators:
- Hourly MACD – MACD for BCH / USD is slowly reducing its bullish inclination;
- Hourly RSI (Relative Strength Index) – RSI for BCH / USD is well above level 55;
- The basic level of support is 500 US dollars;
- The main resistance level is 550 US dollars.
