RATE Group | Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $510
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Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $510

01 Oct Bitcoin Cash Price Analysis: BCH/USD Consolidating Above $510

Posted at 05:52h in Bitcoin News by

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Key Points

  • Bitcoin cash price remained in a positive zone and is currently above the $500 support against the US Dollar.
  • There is a key bearish trend line in place with resistance at $540 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair needs to trade above the $550 resistance and the 100 hourly simple moving average to gain traction.

Bitcoin cash price is currently consolidating above $500 against the US Dollar. BCH/USD must surpass the 100 hourly SMA to trade to a new weekly high.

Bitcoin Cash Price Analysis

There were mostly positive moves above the $500 level in bitcoin cash price against the US Dollar. The BCH/USD pair recently corrected lower after trading towards the $600 level. It traded as low as $509 and later started consolidating. It traded above the 23.6% Fib retracement level of the last decline from the $591 high to $509 low. However, the upside move was capped by the $550 resistance zone.

More importantly, there is a key bearish trend line in place…

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