Bitcoin Cash price is up by 40% and is on the verge of rising to $500 - Confluence Detector


  • Bitcoin Cash price has seen a massive explosion in the past week jumping from a low of $333 to $464.
  • The digital asset faces one last resistance level before $500.

Bitcoin Cash has been inside a steady and robust uptrend since September 2020. In total, the digital asset has risen by more than 130% but hasn’t yet beaten the 2020-high of $498 established on February. 

Bitcoin Cash faces one critical resistance level 

BCH is currently trading at around $440 after significant continuation in the past 24 hours from an initial breakout above $360 on January 3. The digital asset now faces very little resistance ahead according to various indicators.

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BCH IOMAP chart

According to the In/Out of the Money Around Price (IOMAP) chart, Bitcoin Cash has established a strong resistance area between $428 and $441. A breakout above this range can quickly push Bitcoin Cash price towards $500.

bch price

BCH/USD daily chart

However, on the daily chart, the RSI is overextended, which indicates a pullback is nearby. In the past several months, the overbought RSI has been an accurate indicator of temporary tops for Bitcoin cash. 

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BCH Confluence Levels

The confluence detector shows weak support below at $448 which is the Pivot Point on the daily and $445 which coincides with the Pivot Point 1 Week R3 and the previous hourly low. 

On the way up, the most significant resistance level seems to be located at $452 where the 10-SMA on the 15-minutes chart is located and the Pivot point 1 Month R2.

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