- Bitcoin Cash mundane trading locked between the simple moving averages support and resistance.
- Bulls must battle to keep the price above $530 in order to secure a path towards $600.
- There are is no short of lifeline support areas for BCH/USD; at $520, $510 and $500.
Bitcoin Cash is up a subtle 0.37% on the day. The crypto has been trading lock-step in the past one week. There was a significant recovery above $600 on Sunday 18 but BCH/USD formed highs around $606 before the trend reversed back under $500. Several support areas were broken at $560 and $540 but the buyers entered above the next support at $510.
The price is currently trading sideways while supported by both the 23.6% Fib retracement level with the last high leg of $589.1 and a low leg of $510.13 and the 50 hourly simple moving average at the same level. The upside, on the other hand, is limited by the 100 simple moving average. Bitcoin Cash is also exchanging hands at the narrow end of a contracting triangle approaching a breakout.
A support above $530 will allow the buyers to gather strength to attack the resistance at $540, the supply zone at $550 and the ultimate medium-term critical resistance at $560. The trend is slightly in the bulls favor, besides, the MACD momentum indicator is above the zero mark. If the above-mentioned support is deflated, $520 is the next short-term support area but $510 and $500 present strong anchor positions for Bitcoin Cash buyers.
BCH/USD hourly chart 
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