- Bitcoin Cash surged past the $1,500 mark today, hitting a high of $1,545
- There is a major bullish trend line forming with a support level of $1,455
- BCH is moving upward to test a major resistance at $1,505
Bitcoin Cash Moves Past $1,500, Testing New Resistance
Bitcoin Cash price moved past the $1,500 mark today, reaching as high as $1,545 (a two-week high). Currently, BCH is trading at $1,502.40 as of 4 PM EST.
Bitcoin Cash managed to break above several resistance levels previously set this week and became the biggest gainer in the last 24 hours among the top 10 currencies. It is now on another bullish run, looking to test a major resistance of $1,505 on the way up.
The cryptocurrency was also propelled by an influx of good news recently. Earlier this month, both OpenBazaar (a decentralized marketplace) and BitPay (a crypto payments firm) announced that they had added support for Bitcoin Cash.
On the technical side, there may be a reversal coming soon as shown by the MACD lines and the candlestick patterns. The downside action could take BCH to the $1,470 price point, which was previously a resistance level during the early hours of trading.
Since BCH is still above $1,500 at the moment, investors will need to monitor the movements in the next hours to get a sense of what the rally would look like heading into the weekend.
Two possible scenarios:
- A break above the $1,505 resistance toward $1,550
- A slight pullback into a range between $1,485 and $1,500
Looking at the technical indicators:
- Hourly MACD — A weak bearish signal
- Major Support Level — $1,455
- Major Resistance Level — $1,505
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