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Bitcoin Cash has benefited from a major price decline two days ago and is on a rally streak. On March 25, the coin dropped by nearly 18 percent; since then, the coin has been attempting to recoup its losses and step upwards on the indexes.
BCH was valued at $503.1 at the time of publication, with a market capitalisation of more than $9.4 billion. The coin’s price has risen by more than 5% in the last 24 hours, and there appears to be enough bullish traction in the BCH market to enable it to complete its rebound and return above the $550 price point in the short term.
Bitcoin Cash 4-hour chart
Bitcoin Cash’s price has been steadily rising over the last 14-16 hours. Although there is substantial resistance in the $552 price range, the bullish momentum in BCH’s stock may cause it to break through this level in the coming days. However, if the pattern reverses, BCH may be forced to focus on its tried and tested support amount of $474.7. There is still another support range at $424, but the coin is unlikely to move to that amount in the short term.
Technical indicators for the coin agree, suggesting a short-term bullish outlook for BCH. The MACD index has moved to the bullish side, and there are no signs of a pattern turnaround. This suggests that the market is expected to prosper in the short term, fueling its uptrend. The RSI tracker is also looking positive, as it is heading closer to the overbought zone and away from the neutral zone.
Important levels to watch out for
Resistance: $552, $615
Support: $474, $424
Take Profit: $558
Stop Loss: $468
BCH’s price has sparked a turnaround streak in the last day, which is expected to continue in the short term. The coin has seen significant bullish traction, which could lead to BCH breaking through the $552 price range in the coming days. However, if a trend turnaround occurs in the next few hours, BCH’s price is expected to stabilise near its immediate support at $474.