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

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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.

Bitcoin Cash Price Analysis BCH Chart

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.


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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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