Bitcoin Cash Price Analysis: BCH/USD Upsides Capped Near 100 SMA

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Key Points Bitcoin cash price recovered further, but it failed to move above the $540 resistance area against the US Dollar. There is an expanding triangle forming with current support at $492 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair could bounce back once again, but it has to break the $530-540 resistance zone for more gains. Bitcoin cash price failed near a key resistance at $540 against the US Dollar. BCH/USD has to surpass the 100 hourly SMA to gain bullish momentum. Bitcoin Cash Price Upside Hurdle Yesterday, there was a decent recovery in bitcoin cash price above the $500 resistance against the US Dollar. The BCH/USD pair moved higher and broke the $510 and $5220 resistance levels. There was even a spike above the 50% Fib retracement level of the last drop from the $595 high to $473 low. However, the price failed