BCH/USD Consolidates Rebound From $397 Lows, Microblogging App Fueled by Bitcoin Cash Emerges

Cryptocurrencies in the market seem to be gradually regaining back their bullish momentum, after significant losses in the prior week. BTC price fell to $34k lows causing uncertainty in the market. Bitcoin Cash attained a new yearly peak of $654 on January 9th, before starting a downside move to lows of $397. Subsequent recovery was thwarted at a $538 high as BCH began another downward move. Bulls on BCH/USD consolidate rebound from earlier lows of $397, having gained 1.64% on the daily and 10.20% on the weekly. Presently ranking 8th on the Coinmarketcap table, Bitcoin Cash market valuation stands at $9.07 billion with a 24-hour trading volume of $4.43 billion. At the time of writing, BCH is exchanging hands at $490 after reaching intraday highs of $509. Microblogging App fueled by Bitcoin Cash emerges which allows users to tip and interact with posts using BCH. Noise.cash, a new microblogging platform created by the Read.cash team allows people to make noise using much shorter messages.

*Bitcoin Cash attained a new yearly peak of $654 on January 9th, before starting a downside move to lows of $397
*At the time of writing, BCH trades at $490 after reaching intraday highs of $509
*Microblogging App fueled by Bitcoin Cash emerges which allows users to tip and interact with posts using BCH

Key Levels
Resistance Levels: $654, $600, $538
Support Levels: $452, $400, $338

BCH/USD Daily Chart: Ranging

BCH/USD Daily Chart

Bitcoin Cash established a rebound from intraday lows of $468. If the bulls can build up on the rebound past this level, a rise above $538 may seem likely. Such a move could increase the possibility of a rally to $600 and then a yearly high of $654. The upsloping moving averages and the RSI in the positive territory suggest an advantage to the bulls.

On the contrary, if sellers manage to sink the current price below the $452 support, the BCH/USD pair could drop to $400. This level is likely to act as strong support and a rebound could keep the price range-bound between $400 and $538 for some days.