- Bitcoin Cash for the first time in 2019 broke above $500 level forming a high at $511.
- Bitcoin retreats towards $500 but investors can rest assured that technical levels are still intact.
Bitcoin Cash is among the biggest daily gainers on Wednesday. The formidable gains seen today have been driven mostly by Bitcoin (BTC) break past $12,000 and its correction heading to $13,000 level.
Meanwhile, Bitcoin Cash for the first time in 2019 broke above $500 level. The gains did not, however, stop here, instead, Bitcoin Cash extended the gains above $510. A high has been formed around $511.40 but lack of strength to make further headway is leading to a retracement towards $500.
Despite the correction, investors can rest assured that technical levels are still intact. The Moving Average Convergence Divergence (MACD) in the positive region suggests more gains in the near-term. However, the Relative Strength Index while above the average, its downwards slope hints bearish correction that could break under $500.
BTC/USD is initially supported by the 21 Exponential Moving Average (EMA) marginally above $500. The second support at $495 is very strategic while the 50% Fib retracement level will offer the much-needed support in the case of extended losses.
BCH/USD 15-mins chart
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