Bitcoin Cash Price Analysis: BCH/USD Recovering, Could Test $550

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Key PointsBitcoin cash price is recovering after finding buyers around the $475 level against the US Dollar.There was a break above a short-term contracting triangle with resistance at $490 on the hourly chart of the BCH/USD pair (data feed from Kraken).The pair is trading with positive signs, but it is approaching key resistances near $535 and $550.Bitcoin cash price started a short-term correction above $500 against the US Dollar. BCH/USD could trade higher, but it is likely to face sellers near $550.Bitcoin Cash Price ResistanceRecently, we saw a nasty decline in bitcoin cash price below the $500 support level against the US Dollar. The BCH/USD pair traded towards the $470 level and formed a low near $472. Later, a short-term recovery wave was initiated and the price moved above the $480 and $490 resistance levels. It also broke the 23.6% Fib retracement level of the last decline from the $593