Bitcoin Cash Price Update: Why BCH/USD won’t rest until $500 resistance in conquered?

Bitcoin Cash is starting the trading in the green for two days in a row. The bullish action follows a retracement from the previous January high at $403. BCH broke down to levels marginally beneath $300. However, the losses encountered overwhelming buying pressure, which pushed the price significantly above $400 to the extent of settling above $450.

While this is viewed as a great milestone for BCH, the bulls have no plans of taking a breather. They have their eyes on the next milestone at $500, which is to act as a stepping stone for the run-up to $1,000.

At the time of writing, Bitcoin Cash is doddering at $453. The price has corrected upwards 1.93% but the previous push upwards met intense resistance at $460. If this resistance is not cleared, BCH could eventually succumb to losses heading to $400 in order to create fresh demand and momentum to assault the resistance levels.

From a technical perspective, the momentum and the trend are largely in the hands of the bulls. The RSI at 76 shows that BCH is not extremely oversold and there is room for growth. A bullish cross with the MACD at +38 signals that upward action is likely to continue in the coming European session.

BCH/USD 4-hour chart

Bitcoin Cash halvening nears

Bitcoin Cash, the fourth-largest cryptocurrency in the industry is expected to slash mining rewards from 12.5 BCH to 6.25 BCH on April 8 in an event referred to as halving. Following the event, the rate of inflation will go down by 50% and the number of newly mined coins joining the circulation will be thinned by half. Speculation continues to mount regarding the bull rally expected after the halvening event.