After a strong rally, bitcoin money value topped around the $1,576 level against the US Dollar. A downside correction was initiated as well as the price tag moved under the $1,500 level. The price tag also declined under the 23.6% Fib retracement degree of the last upside leg from the $1,030 low to $1,576 high. It opened the doors for a bigger correction along with the value even broke the $1,300 support level.
Nevertheless, the decline was protected by the $1,240-50 zone. In addition, the 61.8% Fib retracement degree of the final upside leg from the $1,030 low to $1,576 high also acted as a support. The downside move identified assistance about $1,240. A base was formed and the price resumed its uptrend. It is now back above the $1,400 resistance and is trading in a bullish zone. There is certainly also a major bullish trend line forming with help close to $1,320 around the 4-hours chart in the BCH/USD pair. The pair remains properly supported around the downside around the $1,320-40 levels.
Taking a look at the chart, it appears like the price tag may continue to move higher and it could soon break $1,500. A profitable break above $1,500 may maybe clear the path for any new higher above $1,575 in the close to term.