Bitcoin cash price seems to be forming a decent support near the $375.00 area. BCH is currently correcting higher and it could rise sharply if there is an upside break above $400.00.

  • Bitcoin cash price started a decent recovery after forming a support base near $375.00.
  • BCH broke a major bearish trend line with resistance near $388.00 on the 2-hours chart.
  • If the bulls gain pace above $400.00, the price could start a strong recovery in the near term.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

In the past few days, there was a strong decline in bitcoin cash price below the $400.00 support. BCH/USD tested the $365.00 support and recently recovered higher similar to bitcoin, Ethereum, ripple, and ADA.

Bitcoin Cash Price Analysis (BCH to USD)

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair formed a strong support area near $375.00. It recently started an upside correction above the $380.00 and $390.00 resistance levels.

There was a break above the 23.6% Fib retracement level of the recent drop from the $483.31 high to $363.42 low. Moreover, there was a break above a major bearish trend line with resistance near $388.00 on the same chart.

The pair tested the $400.00 resistance and settled above the 25 simple moving average (2-hours). At the moment, the price is currently consolidating near the $390.00 level.

An immediate support is near the $385.00 level and the 25 simple moving average (2-hours). If there is a downside break below the $385.00 support and the 25 simple moving average (2-hours), the price could move back in a negative zone.

On the upside, an initial resistance is near the $400.00 barrier. If there is a break above $400.00, the price could continue higher. The next resistance is near the $420.00 level.

The 50% Fib retracement level of the recent drop from the $483.31 high to $363.42 low is also near the $423.00 area to act a solid resistance.

Therefore, if there is an upside break above the $400.00 barrier, bitcoin cash price could accelerate higher. Conversely, a break below $380.00 might start a fresh decline in BCH/USD.

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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