Bitcoin Cash Price Analysis: BCH/USD Primed to Break above $540

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Key Points Bitcoin cash price is slowly moving higher and is currently trading above the $500 support against the US Dollar. There is key bullish trend line formed with support at $515 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is likely to move higher and it could break the $540 resistance for more gains. Bitcoin cash price is preparing for the next break above $535-540 against the US Dollar. BCH/USD remains supported on dips near $515 and $500. Bitcoin Cash Price Resistance There was a slow and steady rise initiated from the $471 low in bitcoin cash price against the US Dollar. The BCH/USD pair climbed higher and managed to settle above the $500 resistance level. There was also a break above the 38.2% Fib retracement level of the last key decline from the $594 swing high to $470 swing low. However, the