Bitcoin Cash Price Analysis: BCH Breaks Above $500 Psychological Level
Daily Bitcoin Cash BCH Price Forecast
- Bitcoin Cash price aims for the $525 resistance barrier.
- The 4-hour price chart shows increasing volatility for BCH.
Bitcoin Cash price rose from $480 to $516 as the buyers took control. Having crossed the $500 psychological level this Monday, the holders will hope for the bulls to take down the $550 and the $600 lines. Let’s take a closer look with technical analysis.
Bitcoin Cash Price Remains Bullish For The Second Straight Day
Bitcoin Cash bulls have remained in control for the second straight day as they aim to conquer the $525 resistance barrier. If they somehow take control of this line, the Bitcoin Cash price will inevitably take down the $600 psychological level.
Image: BCH/USD daily
The relative strength index (RSI) is trending horizontally around 60. This shows that the price still has more room to grow before it gets overpriced. IntoTheBlock’s IOMAP shows us that the $525 line is a moderate-to-strong resistance barrier. Breaking down this zone should take BCH price to $600.
On the downside, there are two healthy support walls at $500 and $485, which should be robust enough to absorb a lot of selling pressure. The 4-hour timeframe shows us that the 20-bar SMA has crossed above the 50-bar SMA to form the bullish cross pattern. Plus, the MACD shows increasing bullish momentum.
Image: BCH/USD 4-hour
All these technicals show that this has prompted the Bitcoin Cash price to have three consecutive bullish sessions. As of now, BCH is hugging along the upper Bollinger band.
Bitcoin Cash Price Is Expected To Hit These Levels
Bitcoin Cash is expected to ride its bullish momentum and beak past the $525 resistance barrier. After it does so, you can expect BCH price to reach the $600 level.