Bitcoin Cash price analysis shows that the market is struggling to move higher after a gruelling sell-off that saw it lose a number key levels of support.
Recently, the price of Bitcoin Cash (BCH) met resistance near the $500 level, following a huge breakout above the $400 level earlier this month. As a result, BCH suffered a heavy technical correction over the weekend.
However, at the time of writing this Bitcoin Cash price analysis, the coin is changing hands at the $400 level. On the upside, if more buyers emerge, the market will rise towards the $450 and $500 resistance levels. If the bulls can push the price above the $500 resistance level, a move to $600 is possible.
Conversely, a break below the $400 level will result in the market finding support at the $360 and $320 levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of BCHUSD is in a bullish trend. On the upside, there are many resistances near $450 and $480. Conversely, the main support is now near $390, below which the price is likely to test the $370 support area in the short term. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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