Bitcoin Cash Price Analysis: BCH/USD Consolidating Losses Above $500

Key PointsBitcoin cash price started consolidating losses after trading as low as $485 against the US Dollar.
There is a short-term ascending channel forming with resistance at $530 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair needs to surpass the $530 and $535 level to correct towards the $550 and $555 resistances.Bitcoin cash price is holding the $500 support against the US Dollar. BCH/USD may trade above the $535 resistance to test the $555 resistance in the near