Bitcoin cash price broke the key $448.00 resistance area and bitcoin SV is up around 90%. BCH is likely to trade towards the $500.00 level and BSV could correct lower in the short term.
- Bitcoin cash price is gaining momentum above the $448.00 and $455.00 levels.
- BCH is following a major bullish trend line with support near $425.00 on the 2-hours chart.
- BSV price surged above the $200.00 and $220.00 levels, but it might correct lower.
Bitcoin Cash Price Analysis (BCH to USD)
In the past few days, bitcoin cash price made a few attempts to clear the $445.00 and $448.00 resistance levels. Finally, BCH bulls gained momentum above $448.00 and the price rallied nearly 10% in the past three sessions. There were also sharp gains in IOTA, Ethereum, BSV, BNB and ADA.
Click to Enlarge Chart
Looking at the 2-hour chart of BCH/USD, the pair formed a strong support base near the $219.00 and $220.00 levels. The last swing low was formed at $419.64 before the price started a fresh increase above $425.00.
The price broke the $435.00 resistance and settled above the 25 simple moving average (2-hours). The bulls took control and pushed the price above the $445.00 and $448.00 resistance levels.
As a result, there were sharp gains and the price traded to a new monthly high at $483.48. At the moment, the price is correcting lower below $475.0. It is testing the 23.6% Fib retracement level of the upward move from the $419.64 low to $483.48 high.
However, there are many supports on the downside near the $455.00 and $450.00 levels. The previous resistance near $448.00 is likely to act as a strong support zone for the bulls.
The 50% Fib retracement level of the upward move from the $419.64 low to $483.48 high is also near the $451.00 level. Besides, there is a major bullish trend line formed with support near $425.00 on the same chart.
Once the current correction is complete, bitcoin cash price is likely to climb further above $475.00 and $480.00. The next main resistance is near $500.00, where sellers may appear.
The market data is provided by TradingView, Coinbase.