Bitcoin cash price rallied further above $440.00. BCH traded as high as $452.76 and recently started a downside correction. The price is likely to find strong bids near $365.00 or $335.00.

  • Bitcoin cash price climbed higher towards $450.00 before starting a downside correction.
  • BCH is trading above a key bullish trend line with support at $384.00 on the 2-hours chart.
  • The price could extend the correction, but it is likely to find bids near $365.00 or $335.00.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

This week, there was a strong upward move in bitcoin cash price above the $380.00 and $400.00 resistance levels. BCH gained bullish momentum and recently rallied above the $425.00 and $440.00 resistance levels.

Bitcoin Cash Price Analysis BCH Chart

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair traded towards the $450.00 level and settled above the 25 simple moving average (2-hours). A new 2019 high was formed near $452.76 before the price started a downside correction. Similarly, there was a correction wave initiated in Ethereum, ripple and bitcoin.

There was a sharp decline below the $408.00 support level and the 50% Fib retracement level of the last wave from the $363.12 low to $452.76 high.

The decline even accelerated below $400.00 and the price tested the $384.00 support levels. Besides, the price is trading above a key bullish trend line with support at $384.00 on the same chart. It tested the 76.4% Fib retracement level of the last wave from the $363.12 low to $452.76 high.

If there is a downside break below the trend line support, the price may perhaps test the $370.00 support or the $363.12 swing low.

The next important support could be either $335.00 or the 1.236 Fib extension level of the last wave from the $363.12 low to $452.76 high at $341.97. Therefore, if there is an extended decline, bitcoin cash is likely to find strong bids near $365.00 or $335.00.

On the upside, an initial resistance is near the $400.00 and $408.00 levels. A clear break above the $408.00 pivot level could start a fresh increase in in BCH above $430.00. The next key resistances are near $445.00, $450.00 and $462.00.

The market data is provided by TradingView, Coinbase.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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