Bitcoin cash price topped near the $440.00 level and recently corrected lower. BCH is testing an important support near $400.00, below which it could turn bearish.

  • Bitcoin cash price recently corrected below the $422.00 and $410.00 support levels.
  • BCH traded below a bearish continuation pattern with support at $412.00 on the 2-hours chart.
  • If the bulls fail to defend the $400.00 support, there could be a sharp decline in the short term.

Bitcoin Cash Price

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Bitcoin Cash Price Analysis (BCH to USD)

Earlier this week, bitcoin cash price climbed above $430.00, following gains in bitcoin. However, BCH/USD struggled to clear the $440.00 resistance zone and recently started a fresh decline.

Bitcoin Cash Price Analysis (BCH to USD)

Click to Enlarge Chart

Looking at the 2-hour chart of BCH/USD, the pair made two attempts to climb above $440.00, but it failed. As a result, the pair started a downside correction and traded below the $430.00 and $422.00 support levels.

There was a break below the 23.6% Fib retracement level of the upward wave from the $371.16 low to $439.68 high. Moreover, there was a break below a key bullish trend line at $428.00.

The price even broke the $410.00 support and the 25 simple moving average (2-hours). It tested the $400.00 support area and stayed above the 50% Fib retracement level of the upward wave from the $371.16 low to $439.68 high.

Recently, there was a recovery, but the price failed to surpass the $420.00 level. It traded below a bearish continuation pattern with support at $412.00 on the same chart, opening the doors for more losses.

Therefore, if there is a downside break below the $405.00 and $400.00 support, the price could start a fresh decline towards the $385.00 or $380.00 level.

Conversely, if bitcoin cash stays above $400.00, it could climb higher once again. An initial resistance is near the $420.00 level, above which the price might revisit the $440.00 resistance.

Besides, bitcoin price could trade past $9,500, which might boost the market sentiment for BCH, ETH, XRP, LTC and a few others in the coming sessions.

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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