Bitcoin Cash (BCH) Pops 8% Higher — Can The Momentum Continue?

Bitcoin Cash price started a major increase above the $475 resistance.

BCH is consolidating and might aim for more gains above the $500 resistance.

Bitcoin cash price started a fresh increase above the $480 level.

The price is trading above $480 and the 100-hour simple moving average.

There was a break above a key bearish trend line with resistance at $472 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair could start another increase if it clears the $500 resistance zone.

Bitcoin Cash Price Starts Fresh Surge After forming a base above the $440 level, Bitcoin Cash price started a fresh increase.

BCH outpaced Bitcoin and Ethereum to gain over 8%.

There was a clear move above the $470 resistance zone.

The price even surpassed $480 and tested the $495 resistance zone.

Besides, there was a break above a key bearish trend line with resistance at $472 on the hourly chart of the BCH/USD pair.

A high was formed near $505 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $455 swing low to the $502 high.

Bitcoin cash price is now trading above $485 and the 100-hour simple moving average.

Immediate resistance on the upside sits near the $500 level.

A clear move above the $500 resistance might start a decent increase.

The next major resistance is $505, above which the price might accelerate higher toward the $520 level.

Any further gains could lead the price toward the $535 resistance zone.

Are Dips Supported In BCH? If Bitcoin Cash price fails to clear the $500 resistance, it could start a fresh decline.

Initial support on the downside is near the $490 level.

The next major support is near the $480 level or the 50% Fib retracement level of the upward move from the $455 swing low to the $502 high.

If the price fails to stay above the $480 support, the price could test the $470 support.

Any further losses could lead the price toward the $450 zone in the near term.

Technical indicators 4-hour MACD – The MACD for BCH/USD is losing pace in the bullish zone. 4-hour RSI (Relative Strength Index) – The RSI is currently above the 60 level.

Key Support Levels – $490 and $480. Key Resistance Levels – $500 and $505..

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