Bitcoin Cash Shows Signs of Recovery
BTC has been performing poorly just like other cryptos.
BTC on the Rise
Bitcoin Cash on Monday showed signs of minor recovery. This is after it initiated the $460 support level compared to the dollar.
A look at the BCH/USD chart shows the pair leapt over the $475 and $480 marks. However, the downward trajectory was capped by the $490 resistance mark. Notably, the value did not break the 50% Fib retracement mark of the last drop from the $525 high to $460 low.
As the day progressed, the price dropped and hit the $460 support mark as buyers reemerged.
The value further rose to over $470 from a low of $459. With the figures, the price managed to beat the 23.6% Fib retracement level. By press time, the value was striving to clear the $475 resistance.
On Monday, a notable bearish line was established which was active by press time to stand at
$475 on the hourly chart. With the data, the value may clear the $475 and $480 resistance levels to rise further.
The value of bitcoin cash may encounter a stronger selling interest at around $490 and $500 resistance levels. On the flip side, the value might move towards $450 in case we have a break under $460.