Key Highlights:

Bitcoin (available on Coinbase) Cash held its ground at above $1,500, reaching a daily high of $1,543.50
BCH price is on a bullish trend once again, with a short-term upside of $1,530
A head-and-shoulders pattern was formed earlier today, which established a major resistance at $1,550

Bitcoin (available on Coinbase) Cash Holds Above $1,500

Bitcoin (available on Coinbase) Cash managed to hold above the pivotal $1,500 level which was broken through last Friday. It reached a high of $1,543.50 earlier today, while its low for the day was $1,450.

As of 3 PM EST, BCH was trading at $1,521.80, and a bullish trend has now formed that could take the cryptocurrency to $1,530 in the short run.

As the BCH price chart shows, a head-and-shoulders pattern was formed earlier that took BCH to its peak. A major resistance level was set at $1,550 as a result. The current bullish trend could test that level in a longer time horizon, but for now investors should expect upside at $1,530. BCH is also holding down a major support at about $1,495.

Source: Tradingview

As for the technicals, the RSI indicator establishes that BCH is still in the underbought territory, confirming its short-term upside. The MACD is also giving a weak bullish signal.

Looking at the Technical Indicators:

Hourly MACD — Weak bullish signal
Hourly RSI — BCH is in a bullish zone
Major Resistance Level — $1,550
Major Support Level — $1,495

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.