Bitcoin Cash Price Analysis: BCH/USD Could Recover Towards $500

Key PointsBitcoin money worth began an upside correction and moved above the $450 resistance towards the US Dollar.There was a break above this week’s adopted key bearish pattern line close to $445 on the hourly chart of the BCH/USD pair (knowledge feed from Kraken).The pair climbed above the $450 and $460 ranges and it could proceed to commerce larger in direction of $500.Bitcoin money worth recovered properly from the $410 low towards the US Dollar. BCH/USD is more likely to get well additional in direction of the $480 and $500 ranges.Bitcoin Cash Price RecoveryYesterday, we mentioned how bitcoin money worth is struggling to interrupt the $440 and $450 resistances towards the US Dollar. Later, the BCH/USD pair managed to achieve traction and moved above the $450 resistance. The upside transfer was sturdy as the worth broke the 61.eight% Fib retracement stage of the final slide from the $478 excessive to $410 low. The worth even settled above $450 and the 100 hourly easy transferring common.More importantly, there was a break above this week’s adopted key bearish pattern line close to $445 on the hourly chart of the BCH/USD pair. The pair traded as excessive as $475 and it’s presently correcting decrease. It already examined the 23.6% Fib retracement stage of the current wave from the $410 low to $475 excessive. On the draw back, there are various helps across the $450 stage. The said $450 stage was a resistance earlier and now it might provide support together with the 100 hourly SMA. Below $450, the 50% Fib retracement stage of the current wave from the $410 low to $475 excessive is at $443.Bitcoin Cash Price Analysis BCH USDLooking on the chart, BCH worth is positioned properly above the $445-450 zone and it might proceed to maneuver larger in direction of $480-500.Looking on the technical indicators:Hourly MACD – The MACD for BCH/USD is positioned within the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is positioned properly above the 60 stage.Major Support Level – $450Major Resistance Level – $480Original article first appeared in https://www.newsbtc.com/2018/09/14/bitcoin-cash-price-analysis-bch-usd-could-recover-towards-500/

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