RATE Group | Bitcoin Cash Price Analysis: BCH/USD’s Recoveries Remain Capped
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Bitcoin Cash Price Analysis: BCH/USD’s Recoveries Remain Capped

10 Sep Bitcoin Cash Price Analysis: BCH/USD’s Recoveries Remain Capped

Posted at 07:34h in Bitcoin News by

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Key Points

  • Bitcoin cash price found support near the $460 level and recovered a few points against the US Dollar.
  • There is a connecting bearish trend line formed with resistance near $488 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $488 and $500 resistance levels to recover further in the near term.

Bitcoin cash price is struggling to gain traction above $500 against the US Dollar. BCH/USD may resume its downside once the current correction is over.

Bitcoin Cash Price Resistance

This past week, we saw nasty declines in bitcoin cash price below the $550 support against the US Dollar. The BCH/USD pair recently broke the $500 support area and traded as low as $461. Later, there was an upside correction initiated and the price moved above the $475 level. There was also a break above the 23.6% Fib retracement level of the last decline from the $526 high to $461 low.

However, the price is facing a strong resistance near the $490-500 zone….

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