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  • Bitcoin Cash encounters resistance slightly above $460 but declines are supported at $438.
  • BCH/USD is likely to correct higher today; next resistance target is at $480.

Although Bitcoin Cash corrected lower towards the last weekend, it maintained levels higher than those on September 12. There was a break below the temporary support on Sunday 16 but the declines were protected below above $420. The buyers entered and a pullback followed above $460 but the price stalled on touching the trendline resistance.

Bitcoin Cash has canceled most of the intraday gains on Monday. Besides, it is exchanging at $450 after finding a temporary support at $438. Moreover, the 15-minutes 50 simple moving average is hindering upside movement at $453.2. Above this level, the month-long descending trendline is a critical resistance area.

For Bitcoin Cash to retrace higher, it must break from the trendline resistance and find a strong support above $460. Thereafter, the byers must push for more upside correction to $480 and eventually $500. On the other hand, the temporary support at $438 must not be broken to avoid another dip toward the primary support at $410 (previous lows).

Looking at the short-term chart, Bitcoin Cash is prime for gains as the stochastic heads into the overbought region. The MACD is slightly below $0.0 but advancing slowly to cross into the positive zone. Another intermediate support is highlighted at $420 if declines are extended below the temporary support.

BCH/USD 15-minutes chart

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