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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