Bitcoin cash started a fresh increase from the $460.00 support area and climbed above $500.00. BTC rallied towards $13,000 today, which could help BCH further in the near term.
- Bitcoin cash price is trading with a positive bias above the $490.00 and $500.00 levels.
- BCH is following a crucial bullish trend line with support near the $485.00 level on the 2-hours chart.
- If there is a break above the $520.00 resistance, the price could rally towards the $550.00 level.
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Bitcoin Cash Price Analysis (BCH to USD)
Today, bitcoin price started a strong increase above the $12,000 level. It helped bitcoin cash price in staging a fresh increase above the $480.00 resistance. As a result, there was a decent rise above the $490.00 and $500.00 levels.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair retreated earlier from the $520.00 resistance and corrected below the $500.00 level. There was a break below the 23.6% Fib retracement level of the upward wave from the $405.20 swing low to $518.00 swing high.
However, the $460.00 level acted as decent support and the price stayed above the 25 simple moving average (2-hours). Moreover, the 50% Fib retracement level of the upward wave from the $405.20 swing low to $518.00 swing high also acted as a support.
Therefore, the price started a fresh increase and recent rise in bitcoin pushed BCH above the $490.00 resistance level. The price even surged above the $500.00 level and it is trading towards the $520.00 level.
There is also a crucial bullish trend line forming with support near the $485.00 level on the same chart. Therefore, dips remain well supported near the $500.00 and $490.00 levels.
On the upside, an immediate resistance is near the $520.00 level. If there is a break above the $520.00 level, bitcoin cash price is likely to accelerate further higher. The next stop for BCH bulls could be near the $550.00 level.
Conversely, if there is a downside correction, the bulls are likely to defend the $490.00 or $480.00 support area.
The market data is provided by TradingView, Coinbase.
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