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
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.
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