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BCH Price Analysis: BCH/USD Consolidates Rebound From $397 Lows, Microblogging App Fueled by Bitcoin Cash Emerges

BCH

Cryptocurrencies in the market seem to be gradually regaining back their bullish momentum, after significant losses in the prior week. BTC price fell to $34k lows causing uncertainty in the market. Bitcoin Cash attained a new yearly peak of $654 on January 9th, before starting a downside move to lows of $397. Subsequent recovery was thwarted at a $538 high as BCH began another downward move. Bulls on BCH/USD consolidate rebound from earlier lows of $397, having gained 1.64% on the daily and 10.20% on the weekly. Presently ranking 8th on the Coinmarketcap table, Bitcoin Cash market valuation stands at $9.07 billion with a 24-hour trading volume of $4.43 billion. At the time of writing, BCH is exchanging hands at $490 after reaching intraday highs of $509. Microblogging App fueled by Bitcoin Cash emerges which allows users to tip and interact with posts using BCH. Noise.cash, a new microblogging platform created by the Read.cash team allows people to make noise using much shorter messages.

*Bitcoin Cash attained a new yearly peak of $654 on January 9th, before starting a downside move to lows of $397
*At the time of writing, BCH trades at $490 after reaching intraday highs of $509
*Microblogging App fueled by Bitcoin Cash emerges which allows users to tip and interact with posts using BCH

Key Levels
Resistance Levels: $654, $600, $538
Support Levels: $452, $400, $338

BCH/USD Daily Chart: Ranging

BCH/USD Daily Chart

Bitcoin Cash established a rebound from intraday lows of $468. If the bulls can build up on the rebound past this level, a rise above $538 may seem likely. Such a move could increase the possibility of a rally to $600 and then a yearly high of $654. The upsloping moving averages and the RSI in the positive territory suggest an advantage to the bulls.

On the contrary, if sellers manage to sink the current price below the $452 support, the BCH/USD pair could drop to $400. This level is likely to act as strong support and a rebound could keep the price range-bound between $400 and $538 for some days.

BCH/USD 4-Hour Chart: Ranging

BCH/USD 4-Hour Chart

As seen on the 4-hour chart, Bitcoin Cash seems to have settled for consolidation after the recent rejection from highs above $500. BCH bulls are working tirelessly to reclaim the MA 50 located at $495. The ultimate mission among the bulls in the short term is to trade above $500 which may bring upside gains to $550 marks and above $600 resistance into the picture.

On the downside, support is envisaged at the $452 to $484 range, BCH will likely remain in this range a while longer before a breakout or breakdown comes into play. In the case of a breakdown, the MA 200 support located at $396 may serve to cushion further losses. The BCH/USD pair is only bullish while trading above the $450 mark, key resistance is found at the $538 and the $600 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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