- Bitcoin Cash is range bound while the mundane trading avoids movement in either direction.
- Short-term indications point to a bullish break that will test $500.
Bitcoin Cash alongside other cryptocurrencies in the market is settling the dust following the brief rally at the beginning of this week. There was an upsurge from the primary support at $440, which allowed Bitcoin Cash to explore the levels above $500.
A break above the 61.8% Fib retracement level with the last swing high of $526.56 and a swing low of $434.59. Moreover, the buyers pushed the price above $510 and tested the next resistance at $520 before the trend turned bearish canceling gains sharply. A support was established at $460 and for the past couple of days BCH/USD has been consolidating in a range.
The $7.9 billion virtual currency has a 24-hour exchange volume of about $298 according to the data on CoinMarketCap. Bitcoin Cash is trading slightly in the red on Wednesday 17 having lost 0.33% on the day. On Monday the trading volume spiked considerably hitting $527 million due to the surge that boosted the entire crypto market which recovered from about $202 billion to the current $211 billion.
In the meantime, Bitcoin Cash is trading between the moving average support at resistance. The 50SMA coincides with the 61.8% Fib level to offer resistance at $470 while the 100SMA is offering support at the lower range limit. The trading is uneventful with the BCH/USD avoiding to make big movement on either side. This consolidation is definitely approaching a break. Likewise, the technical indicators at the moment, show that a bullish breakout is likely in the short-term.
BCH/USD hourly chart
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