Bitcoin Cash (BCH) Price Analysis – May 11
For the past four weeks, the BCH/BTC market has been declining in a channel as the market is yet to breakout after surging 15.80% in the last 24-hours of trading. On the other side, BCH/USD has been climbing for the past two weeks after reversing from $230 level. As of now, Bitcoin Cash is trading around $333 price level.
Resistance levels: $360, $400
Support levels: $300, $275
A positive move is reflected on the BCH/USD market climbing from $230 level to the current high of $340 level. Following the blue trend line, the market confirmed the upward movement after breaking up the $300 level which has been an important resistance turned support level for the cryptocurrency.
Since the price increase started the 4-hour RSI has remained above the 50 level. The nearest key resistance to watch out for is $360 and $400 levels. For a bearish retracement, the market could locate support at $300 level, nearing the blue line.
A drop below the mentioned level could send the market in a downward movement. As of now, Bitcoin Cash is bullish on the medium-term outlook. On the 4-hour MACD, the market revealed a bullish sign for BCH market.
Following a bearish scenario, Bitcoin Cash has not seen a significant price above the0.05BTC; a crucial resistance level. A few hours ago, the market has held price above the falling channel after a 4-hour candle break showing a sign of a positive move. The 0.052BTC resistance level lies for the bulls.
If the bulls fail to sustain the slight break-up, BCH is likely to fall back to the bearish position within the falling channel; testing the 0.043BTC support level. In case the price drops below the above support, BCH market may find fresh support around the 0.04BTC level.
Viewing the 4-hour MACD, the trend is about to cross to the positive zone. As reflected on the 4-hour RSI, the price of Bitcoin Cash is rising and facing resistance at the 70 level.
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