BCH/USD To Break Higher-Bitcoin Cash Price Technical Analysis

Bitcoin cash price manages to gain bids near $520 against the US dollar. Presently, it has attempt a recovery. The past week, descending channel pattern with currency resistance near $580 on the chart of BCH/USD is about to break high. According to the reports, the price may soon break the $580-600 resistance and trade higher in the near term.

Related Coverage: Bitcoin trades oblique as Bitcoin Cash price falls below $700

Bitcoin Cash Price Resistance

Along with the decline in Bitcoin cash price, $700 swings high against the US Dollar, this week. Recently, the price raised the $520-500 supports area where buyers emerged. As it was protected declines and it seems like the price is forming support near $520. Therefore, the price has already recovered well above the 38.2%. Last decline from Fib retracement from the $662.50 high to $520.36 low. Hence, it is a positive indication that might take price above $600.

Meanwhile, the price is struggling near a major hurdle at $580-600. Likely, this week long followed descending channel platform with the present resistance $580. In the hourly chart of BCH/USD is also acting as a hurdle. Therefore, a break above the $580-600 levels with a close is needs for more gains.

Formerly, there is a close above $600 that the price could attempt a move towards the $660 level. Otherside, the $540 and $520 levels are decent supports.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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