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Technical analysis

Analysis: Bitcoin Cash Price Might Test $650 Level in Short Run

Amandeep Sonewane | Nov. 8, 2018
Analysis: Bitcoin Cash Price Might Test $650 Level in Short Run

November 08, 2018 | AtoZ Markets

Bitcoin Cash price is trading near $600 level with the 24 hours volume of $91.41, in accordance with data. At the time of press, the coin has a market cap of $10 Billion. The coin is getting prepared for the upcoming Bitcoin Cash hard fork, which is scheduled to occur on Nov. 15, around 17:00 UTC.

Bitcoin Cash Price Technical Analysis

As per Yesterday's trading pattern, Bitcoin Cash gains above the $560 resistance against the USD. The BCHUSD pair started a fresh upward move and traded above the $580 and $600 resistance. A new monthly high was formed at $629 before the price started a downside correction. However, the price of the coin is still trading well above the $550 support and the 100H SMA zone.

On the downside, an initial support is near the 23.6% Fibonacci retracement level of the recent upside from the $541 low to $629 highs. Moreover, there is a major bullish trend line formed with support at $580 on the hourly chart of the BCHUSD pair. The trend line support is near the 50% Fibonacci retracement level of the recent upside from the $541 lows to $629 highs. Therefore, if the price of Bitcoin Cash declines from the current levels, it could find a strong support near the $580 zone. Below the above mentioned zone, the price might retest the key $550 support and the 100 hourly SMA.

Looking at the 1D chart, BCH price is placed in an uptrend above the $550 support. However, dips from the current levels remain supported near $580 and $575.

On the upside, the price of Bitcoin Cash might test $650 if there is a break above $630 level. Thus, it is likely possible that a bullish rally might be seen in the short run.

  • RSI(14) is valued above 50 which signals Buy action in daily time-frame.
  • William%R – Overbought signal on the daily time-frame.
  • MACD(12,26) – Buy signal in daily charts.
  • ATR(14) – signals that BCH is highly volatile.

Bitcoin Cash Pivot Point

Bitcoin Cash price is sustaining a strong daily support near $600 and resistance near $640 levels.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.